Afternoon Note
We came into the week with Paris on fire and the United Kingdom in turmoil, yet the last 48 hours of trading has seen big reversals higher.
Our markets got stronger after Europe closed and it’s being led by the same names that led the market lower. I said it would be the momentum names near term that lure investors off the fence.
Communications Services
Consumer Discretionary
I also like that tech is finding new leadership in the absence of Apple struggles with Salesforce.com (CRM) and other software names setting the pace.
+1.56% |
|
+2.08% |
|
+1.89% |
|
+0.44% |
|
+1.54% |
|
+1.31% |
|
+1.94% |
|
+1.80% |
|
+1.77% |
|
-1.18% |
|
+2.03% |
|
-0.39% |
Those momentum names have the NASDAQ 100 rocking, up 5% from the low on Monday at 11:20. The recent trend of lower lows is still in place but taking out key resistance levels will trigger more upside buying pressure.
Key Resistance Points
NASDAQ 100
The market came off all-time highs quickly and while rebounds take longer than selloffs, if you blink or fiddle your thumbs you could miss it.
Let’s hold off on forcing the issue.
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4/26/2024 7:39 AM | BIG TECH STEPS UP |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
4/25/2024 9:27 AM | THERE CAN ONLY BE ONE |
4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
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