Continuation Higher November 8, 2019
Posted by Tom in Thoughts.Tags: market analysis, market commentary, stock market commentary, technical analysis
trackback
Nov. 8, 2019 – What’s there not to like? The market gapped up higher on Monday and pretty much stayed in a narrow range most of this week. Ignoring the impeachment and on again – off again China trade news. So for now, I’ve just got to stay in this market even though I’m not entirely comfortable with it.
The chart above shows all positive indicators; not much else to say. (click on chart to enlarge it) Let’s take a look at the stocks in the very broad S&P 1500 Index below.
Price Strength –
Over 50% above their 20 day moving average, so strong price movement for most stocks in the index.
Accumulation (buying) & Distribution (selling) –
(Again) over 50% of the stocks indicating Accumulation of shares. Maybe a little over done, so a pause is not out of the question here.
The Technology sectors continue to lead this market higher in the near term.
So the bottom line is this market continues higher until something forces investors to get nervous and sell. We’ve come up a fair amount and survived (most) of the 3rd qtr. earnings. The seasonality is generally good for the rest of the year, so got to go with the flow. When changes comes, I’ve got a feeling it will come very quickly. Hopefully the stair step higher will continue in the mean time.
Have a good week. …….. Tom ……..
Price chart by MetaStock; pie chart & table by http://www.HighGrowthStock.com. Used with permission.
Comments»
No comments yet — be the first.