Momentum Monday – Some Green Shoots
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I will start by saying there are some ‘green shoots’
A few weeks back on Momentum Monday we talked about the biotech index breaking above the 200-day moving average. They have stuck and started to move higher still. Today it was the Small Cap Index doing the same. the S&P is right there and only the Nasdaq 100 has some more work to do.
Ryan Detrick points out that there are some technicals flashing positive signs…
The fact that people are scoffing at the green shoots and that sentiment is still disdain for stocks, the FED, anyone buying or investing could be another wall of worry that this market will climb.
As always, Ivanhoff and I talk about all this and more in this weeks Momentum Monday. You can watch/listen right here on YouTube. I have also embedded it below on my blog:
The main indexes pulled back earlier last week to their rising 10-day moving average. Then, July CPI readings came a bit below expectations and most stocks just took off. This time, the biggest gainers didn’t come from biotech and software. Last week was all about energy and metals. (Read more...)