A Setup Forming In The Nasdaq…
This morning, a Merrill Lynch analyst
downgraded several big names in the semiconductor sector, with Intel
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topping the list. The reason? High valuations and limited visibility. With
that, technology stocks led the market lower this morning. The PHLX
Semiconductor Index
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its support level at 457 from a descending triangle. The SOX secondary support
is at around 430.
In midday trading, the Dow Jones Industrial
Average
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The
Nasdaq Composite Index
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$COMPQ |
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1563.50. The June S&P 500 futures
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SPM2 |
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sold off most of the first half of trading, and now is forming a double bottom
on the five minute intraday chart.
Brewery stocks are strong on the day. Coors
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is touching the 50-day moving average and may pull back a little. Intraday
traders may want to watch as pullbacks should be buyable. Also, keep an eye on Budweiser
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This morning August gold
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GCQ2 |
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little higher after profit takers dropped the price yesterday to a 1 1/2 week
low. June gold has influence on the movement of gold stocks. Example: August
gold is moving to the upside, and we are seeing a positive movement in gold stocks.
The
Phlx Gold & Silver Index
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$XAU.X |
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trading. Some of those
stocks include: Anglogold
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AU |
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ABX |
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NEM |
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and Placer Dome
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Bob Evans Farms
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BOBE |
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sideways channel for two months.
Today it broke out above its resistance with increasing volume. BOBE has a
TradingMarkets.com RS3 rating of 98.
Nucor Corp (NUE) is hitting new highs with
increasing volume. NUE has a
TradingMarkets.com RS3 rating of 95 and an up trending
ADX of 28.
The AMEX Oil Index
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$XOI.X |
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higher this morning on the heels of renewed violence in the Middle East.
Yesterday crude oil for July delivery
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CLN2 |
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inventory supplies and more out put against weaker demand. The PHLX Oil
Service Sector
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$OSX.X |
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PayPal
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PYPL |
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high and bouncing off of its 20-day moving average to the upside. PayPal has
a
TradingMarkets.com RS3 rating of 98 and an up trending
ADX of 23.
Nasdaq Breadth:
Adv: 941/ Dec: 2292 Net: -1351
UpVol: 1976725 / DnVol: 6158905 Net: -4182180
NYSE Breadth:
Adv: 1066 / Dec: 2017 Net: -951
UpVol: 23484769 / DnVol: 63278210 Net: -39793441