The new top for the SPY is set at $360 and we believe it will be retested by the end of September or early October. With the current SPY 50-day moving average at $330, our models are showing the SPY has a high probability of retesting these levels. Behind a strong tech rally, all three […]

RoboStreet – September 3, 2020 Momentum Begets Momentum Until It Doesn’t  The frothiness of the past few weeks finally ran into some well-deserved profit-taking on virtually no news aside from a softer-than-expected ISM Non-Manufacturing index for August that slipped to 56.9% (consensus 56.7%) from 58.1% in July.  The key takeaway from the report is that […]

Major U.S. indices closed in record territory again as the Dow, Nasdaq, and S&P continued their impressive streak, powered by a tech and retail sector rally. ADP Employment Report for August also supported markets as 428,000 private-sector jobs were added in August. Also released today, the latest Beige Book, which showed the U.S. economy modestly […]

U.S. Markets traded to mixed results as the Dow and S&P closed in the red while the Nasdaq booked another record close. Still, all three U.S. indices were able to finish with record highs for the month of August; capping off an all-time five-month run, the Dow recorded 29% growth, while the S&P rose 35% […]

RoboStreet – August 27, 2020 Washing Machine Rotation Still Favors Work From Home Stocks  Although COVID-19 numbers are showing gradual improvement, there are some consumer and business trends that are going to be embedded from the pandemic. Fed Chairman Jerome Powell stated, “we have not changed our view that a longer-run inflation rate of 2 […]

A tech-led surge helped U.S. markets reach record highs Wednesday as all three major U.S. indices closed in the green, with the Nasdaq and S&P booking record finishes. Amazon, Netflix, and Tesla booked impressive gains that supported markets while salesforce.com saw a +25% boost post-earnings. Intuit, Dick’s Sporting Goods, and HP also saw nice gains […]

Markets traded impressively higher to start the week with all three major U.S. indices booking solid gains as the SPY briefly broke through its overhead resistance at $340. Reported progress regarding COVID-treatments are supporting markets today as earnings season has all but wrapped up; companies due to report this week include Salesforce.com, Intuit, Dollar General, […]

RoboStreet – August 20, 2020 Remote Economy Thrives Amidst Slow Progress On Pandemic  While the weekly data on the coronavirus is incrementally improving, there was a much higher level of optimism just a couple of weeks ago about the ability for life both at home and at work would normalize. There was a burst of […]

All three major U.S. indices saw modest losses today following record highs reached by the Nasdaq and S&P on Tuesday. Mid-day trading saw U.S. stocks edge lower following the latest FOMC minutes release, in which Fed officials kept interest rates near zero while continuing their Treasury and securities purchases. Last week, unemployment benefits were extended […]

Last week, the S&P neared record-highs behind continued support from strong earnings, reports of lawmakers working on additional virus-relief packages, and a recorded slowdown of reported COVID cases. Today, the Nasdaq was able to book a record close behind a strong tech-rally while the S&P also closed in the green, nearing its own record high. […]