The $SPX ran right into resistance today at 3,980 then pulled back in.
We really need above that level to trend higher. It would be best to also hold onto 3,950 on a closing basis.
Expert technical analysis of financial markets by JC Parets
by David
From the Desk of Kimmy Sokoloff
The $SPX ran right into resistance today at 3,980 then pulled back in.
We really need above that level to trend higher. It would be best to also hold onto 3,950 on a closing basis.
by Ian Culley
From the desk of Steve Strazza @Sstrazza
Welcome to the 2 to 100 Club.
As many of you know, something we’ve been working on internally is using various bottom-up tools and scans to complement our top-down approach. It’s really been working for us!
One way we’re doing this is by identifying the strongest growth stocks as they climb the market-cap ladder from small- to mid- to large- and, ultimately, to mega-cap status (over $200B).
Once they graduate from small-cap to mid-cap status (over $2B), they come on our radar. Likewise, when they surpass the roughly $30B mark, they roll off our list.
But the scan doesn’t just end there.
We only want to look at the strongest growth industries in the market, as that is typically where these potential 50-baggers come from.
Some of the best performers in recent decades – stocks like Priceline, Amazon, Netflix, Salesforce, and myriad others – would have been on this list at some point during their journey to becoming the market behemoths they are today.
When you look at the stocks in our table, you’ll notice we’re only focused on Technology and Growth industry groups such as Software, Semiconductors, Online Retail, Solar, etc.
Then, like any good technician, we filter the list down to those closest to new highs.
This allows the cream of these strong groups to rise to the top and helps streamline our mission to identify technical breakouts in the top-performing stocks.
by David
From the Desk of Kimmy Sokoloff
Futures are up a bit this morning, but we’re still range-bound.
We have data out at 8:30 a.m. ET. We’ll see if that has an influence over the market today.
by David
The largest insider transaction on today’s list is a Form 4 filing by Byline Bancorp $BY Director Antonio del Valle Perochena.
Perochena revealed a purchase of BY shares worth $979,055.
by JC
In Bull Markets we see more stocks making new highs.
That’s just math right?
And when we talk about new highs, you’ll often hear people discussing the new 52-week high list.
Until recently, this list was almost non-existent.
So while there’s definitely a ton of more action there, we should really be seeing an expansion in new 1-month highs and new 3-month highs.
Crawl before you walk.
If this stock market rally has legs, more new highs is just mathematically necessary for that to occur.
It’s a market of stocks.
Here’s the 3-month high list on the New York Stock Exchange. An expansion in upside participation will go a long way in proving that, yes, in fact the path of least resistance is higher: [Read more…]
by David
From the Desk of Kimmy Sokoloff
This market is range-bound at the moment. $SPY is stuck between 395 and 390.
The market truly might be waiting for next week for a big move. We’ve got November CPI on Tuesday and the Fed on Wednesday.
by David
This is the video recording of our December 7, 2022, Inside Scoop Weekly Strategy Session.