General Market Update
The stock market uptrend continues to show strength and shrugged off Big Tech losses. The stock market made a show of strength by surging despite disappointing Big Tech earnings reports. But it is still too early for investors to be getting excited, with another Federal Reserve meeting rapidly approaching.
The Nasdaq composite turned in a 2.9% gain for the day and is on track to end October with a 5% gain. It still sits 1.9% under the key 50-day moving average, a key resistance area to watch.
The S&P 500 turned in a 2.5% gain for the day. Using the SPDR S&P 500 ETF ( SPY ) as a proxy, it is up 8.9% for the month with one more session left in October. The index has made a move above its 50-day line, an encouraging sign.
Breadth was also positive, with advancers outnumbering decliners by about 3-to-1 on the NYSE and by more than 2-to-1 on the Nasdaq. Volume fell on the Nasdaq, and early data showed lower NYSE volume .
Blue-chip stocks also excelled, with the Dow Jones Industrial Average popping 2.6%. Its 14.4% gain so far for October is on track for its best since January 1976. t closed above the 200-day line for first time since Aug. 1
However: The coming week will be crucial, with speculation rising that the Federal Reserve may be considering slowing the pace of rate hikes. Investors should remain cautious until this meeting is behind us.
Updated Watchlist
All stocks on our watchlists meet the hard selection criteria according to Mark Minervini's Trend-Template and William o' Neil's CAN SLIM methodology.
Here is the link to the updated watchlist:
www.tradingview.com/...watchlists/75013711/
The stock market uptrend continues to show strength and shrugged off Big Tech losses. The stock market made a show of strength by surging despite disappointing Big Tech earnings reports. But it is still too early for investors to be getting excited, with another Federal Reserve meeting rapidly approaching.
The Nasdaq composite turned in a 2.9% gain for the day and is on track to end October with a 5% gain. It still sits 1.9% under the key 50-day moving average, a key resistance area to watch.
The S&P 500 turned in a 2.5% gain for the day. Using the SPDR S&P 500 ETF ( SPY ) as a proxy, it is up 8.9% for the month with one more session left in October. The index has made a move above its 50-day line, an encouraging sign.
Breadth was also positive, with advancers outnumbering decliners by about 3-to-1 on the NYSE and by more than 2-to-1 on the Nasdaq. Volume fell on the Nasdaq, and early data showed lower NYSE volume .
Blue-chip stocks also excelled, with the Dow Jones Industrial Average popping 2.6%. Its 14.4% gain so far for October is on track for its best since January 1976. t closed above the 200-day line for first time since Aug. 1
However: The coming week will be crucial, with speculation rising that the Federal Reserve may be considering slowing the pace of rate hikes. Investors should remain cautious until this meeting is behind us.
Updated Watchlist
All stocks on our watchlists meet the hard selection criteria according to Mark Minervini's Trend-Template and William o' Neil's CAN SLIM methodology.
Here is the link to the updated watchlist:
www.tradingview.com/...watchlists/75013711/
Combing the BEST of two WORLD's: Cathie Wood & Mark Minervini
