TradingMarkets 7 Stocks You Need to Know for Wednesday: HD, FDX, S, GS, EXPE, SBUX, JPM
Going into trading on Wednesday, traders are likely to encounter overbought conditions in most markets due in large part to the continued advance in the S&P 500 (basis the ^SPY^) and Nasdaq 100 (basis the ^QQQQ^).
Recently oversold ^CTXS^ rallied by more than 3% in Tuesday’s trading, and ^AMZN^ gained more than 2% after closing lower for three out of the past four trading days. A number of financial stocks, from ^BAC^ to ^USB^ were also among stocks moving higher on the day.
Here are 7 Stocks You Need to Know for Wednesday:
A number of stocks from the S&P 100 have closed lower for a second consecutive trading day above the 200-day moving average. These stocks include ^FDX^ and Home Depot ^HD^ (below).
Home Depot pulled back by more than 1% on Tuesday, closing at its lowest level since late September.
Up by well over 2% on Tuesday were shares of ^S^ (below).
Sprint had been among a number of telecommunications stocks noted in recent 7 Stocks You Need to Know columns as pulling back toward levels from which they have historically made short term gains.
Shares of Sprint had closed lower for four consecutive trading days before advancing on Tuesday.
Goldman Sachs ^GS^ gained more than 2% on Tuesday, earning the stock its first close above its 200-day moving average since the spring.
Pulling back by just over 2% on Tuesday, ^EXPE^ closed at its lowest and most oversold levels in a week.
Up more than 4%, shares of ^SBUX^ broke out to their highest level since June on Tuesday.
The stock’s current advance began after SBUX pulled back for four out of five trading days at the end of September and into October.
^JPM^ closed higher for a second consecutive session ahead of the company’s scheduled quarterly earnings announcement on Wednesday.
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David Penn is Editor-in-Chief at TradingMarkets.com.