May 31, 2020
The NASDAQ Composite Index ended a volatile week by posting a higher closing high on strong month-end volume Friday. The week saw big swings off the intraday highs and lows on Tuesday, Wednesday, and Thursday before the index found solid support at the 10-dma on the final trading day of the week.
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May 27, 2020
The market has been showing some interesting divergence here as the indexes push back toward all-time highs. The NASDAQ Composite Index and the NASDAQ 100 Index have slowed their upside paces while the NYSE-based indexes have acted relatively better. Both NASDAQ indexes sold off yesterday with the NASDAQ 100 getting hit with a big-volume reversal off the highs.
Today... Read More
May 24, 2020
The market ended the week quietly as it consolidated prior gains. The NASDAQ Composite Index was up slightly on lighter volume ahead of the three-day Memorial Day weekend holiday. After a move to higher highs on Wednesday, the two-day pullback on declining volume looks benign.
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May 20, 2020
The market pulled its signature move once again by suddenly selling off into the close yesterday but then gapping up sharply this morning to erase the bearish losses in bullish fashion. This is part and parcel of the market’s zombie-walk rally protocol.
After getting hit hard in the first part of the week last week and stumbling backward, much like a zombie taking potshots from a shotgun,... Read More
May 17, 2020
The major indexes did a little bit of the zombie walk this past week, posting higher highs on Monday before selling off hard on Tuesday and Wednesday. The final two days of the week were spent stumbling back to the upside as the NASDAQ Composite Index found support along its 20-dema. Volume was higher on an options expiration day, but below-average levels seen in the Tuesday and... Read More