Top 10 Report – September 9, 2019

Market Insight

Good Morning,

The NASDAQ and S&P 500 blasted back above their 50-DMA’s last Thursday, as volume picked up across the board. This key moving average has provided significant resistance for both major indexes over the month prior, so this action is worth noting.

On Friday, the S&P 500 closed slightly higher, while the NASDAQ closed slightly lower. Meanwhile, volume declined on both major indexes and they finished off the week well above their 50-DMA’s, which is constructive.

More importantly, the market continues to be supported by a broad base of high quality, leading growth stocks, which is the single most import factor regarding the sustainability of an uptrend.

So, continue to keep track of the strongest stocks in the strongest groups, with the best fundamentals and begin building long positions as entry areas present themselves.

Always remember, “buying right” is our first line of defense and a major component of sound risk management, so remain disciplined and wait for perfect setups to emerge. Never chase!

Sincerely,

The Indicies

The NASDAQ gapped up and blasted above its 50-DMA on heavier volume last Thursday and despite ending Friday’s session slightly lower, it closed out the week well above this key moving average, which is a sign of strength and resilience.

The Russell 2000 rose on heavier volume last Thursday, then pulled back on lighter volume last Friday along with the other major indexes, however, its long-term 200-DMA continued to provide stiff resistance for this laggard, small-cap index.

The S&P 500 gapped up and blasted above its 50-DMA on heavier volume last Thursday, continued slightly higher on Friday and closed out the week well above this key moving average, which is a sign of strength and resilience.

The DOW gapped up and blasted above its 50-DMA on heavier volume last Thursday, continued slightly higher on Friday and closed out the week well above this key moving average, which is a sign of strength and resilience.



Top 10 Stocks

Buy MSFT on a big volume move through $141.68, with a sell stop at its 65-EMA &/or on a constructive pullback to $139.49, with a sell stop at its 65-EMA. (Price Alert: $141.68)

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Follow-up Commentary

September 8, 2019

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