Top 10 Report – October 28, 2019

Market Insight

The S&P 500 rose 0.40% and came within a hair of making new all-time highs last Friday, as volume on the NYSE expanded. The NASDAQ rose 0.75% on heavier volume and finished just a touch off its dead highs for the day, although it still trading about 1% below its all-time highs. Also old distribution days fell of the count of both major indexes. The distribution count now stands at 7 days on the S&P 500 and 6 days on the NASDAQ.

The star index of the day was the NASDAQ 100, led to new all-time highs by INTC. Also, strength from AMD and NVDA certainly didn’t hurt. With a little luck, maybe the Composite will follow it to new all-time highs next week. Regardless, the major indexes ended the week in great shape.

More importantly, the number of leading growth stocks that continues to build constructive bases, breakout and make progress higher is now growing even faster now. There is no shortage of leadership to support the current rally and I think most will now agree that the trend is up, not down.

So, continue to keep track of the strongest stocks in the strongest groups, with superior fundamentals. Set your alerts and be ready to initiate some long exposure, as entry areas present themselves. At this point, position traders should begin to initiate positions on the long side. Remember to start small and scale in as progress is being made.

The Indicies

The NASDAQ pushed through significant resistance as distribution fell off the count last week and closed about 1% below all-time highs, which is constructive.

The small-cap Russell 2000 has made impressive progress above its moving averages over the last couple weeks, although it continues to lag the other major indexes.

The S&P 500 pushed through significant resistance as distribution fell off the count last week and finished Friday’s session just a hair below all-time highs, which is very constructive.

The DOW moved sideways in a tight range above its moving averages last week, which have begun to turn up beneath its price, although its still has significant resistance to get through immediately above.



More .Content
October 27, 2019

2
Discussion

2 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
2 Comment authors
Ross HaberLynden Harris Recent comment authors
newest oldest most voted
Lynden Harris
Member
Lynden Harris

Big “ Volume “ seems subjective, could you elaborate on your process and parameters? Is it based on end of day data or internet-day ? Thanks in advance

Thank You for subscribing to our mailing list!


FREE EDUCATIONAL CONTENT AND EXCLUSIVE DEALS

Thank You for subscribing to our mailing list!