RoboStreet – May 28, 2020 S&P Makes A Breakout Move Another good week for stocks is shaping up. The S&P 500 extended the sharp rally to trade above the 3050 levels. The Dow Jones Industrial Average and Nasdaq Composite are up comfortably, too, while the Russell 2000 continues to lag behind the other major averages. […]
Currently, our models are projecting the SPY to trade between $270-$310 level in the next 2-3 weeks. The potential for the market to retest $260 SPY level is unlikely as most sectors have already broken through their recent overhead resistance levels. All three major U.S. indices opened and traded higher today as sentiment continues turning […]
RoboStreet – May 21, 2020 Bulls Embracing Reopening With Open Arms News of all 50 states in the U.S. moving ahead with various phases of reopening their places of business and public facilities have been very well received by the stock market this past week. The timing of the passage in the House of Representatives […]
All three major U.S. indices traded higher today following solid retail earnings but finished off their daily highs after the Senate passed a bill to delist Chinese companies on U.S.exchanges. Yesterday, Fed Chair Jerome Powell and U.S. Treasury Secretary Steve Mnuchin met with Senate Banking Committee, providing updates on the $2.2 trillion CARES Act. Both […]
Based on our models, the SPY will trade between $270-$310 level in the next 2-3 weeks. Most sectors have already broken through their recent overhead resistance levels, in turn, eliminating the potential for the market to retest $260 SPY level. With this in mind, we will be a buyer into any short term corrections and it is […]
RoboStreet – May 14, 2020 Balancing The Risks of Reopening And COVID-19 There is a real tug-o-war at work within the varied forces of the market. The bulls are pressing for back-to-work and that going forward will involve living with COVID-19 at some level regardless of testing until a vaccine is discovered. The bears are […]
Today, markets traded lower as Fed Chair Jerome Powell provided uncertainty regarding the projected length of an economic recovery and stated additional government aid could be “worth it.” Similarly-discouraging comments from Dr. Fauci on Tuesday and the latest batch of underwhelming economic reports are also pressuring markets, with all three major U.S. indices down over […]
Based on our models, the SPY will trade between $270-$295 level in the next 2-3 weeks. Several sectors have already broken through their recent overhead resistance levels, eliminating the potential for the market to retest $260 SPY level, in our opinion. We will be a buyer into any short term corrections but will continue monitoring […]
RoboStreet – May 7, 2020 Bumping Up Against Resistance…Again Rising hopes of the economy getting back on good footing by mid-summer has the broad market making another attempt at challenging overhead resistance for the SPY at the $290-$295 level where the bearish camp is putting up a good fight. The rally back towards the psychological […]
Following several sectors breaking through their recent overhead resistance levels, we no longer believe the market will retest $260 SPY level and we will be a buyer into any short term corrections. Today, markets remained mixed with the Dow lowering nearly 1% while the Nasdaq is up 0.5%. High unemployment data is pressuring U.S. stocks today […]
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