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Ho – Hum Market April 30, 2021

Posted by Tom in Thoughts.
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April 30, 2021 – As April closes and we’re in the midst of earnings season the market last week didn’t really seemed motivated to move much at all. Over the past 3 weeks not much movement. Some Tech stocks (like Amazon) blew the doors off earnings (not surprisingly) and Financials are doing well, but others were just “good” (i.e. expected in any case). I’m thinking cross currents both positive and negative that basically balancing each other out. Thus not much overall movement.

Many companies see strong earnings and a stronger economy, but they also see higher taxes. Covid seems to be a waning problem in the US, but much of the rest of the world is in turmoil. The Yen & Yang of forces are encouraging a pause. But a pause in not necessarily a bad thing right now.

click to enlarge chart

And so the chart above paints a similar picture. Mildly bearish sentiment, mildly negative Money Flow, barely positive Volume Flow, neutral Price Strength and a price structure at the top of an upward sloping channel; good & bad in check. The price range is tightening and so the foundation is set for a breakout in the future. Right now it looks like a re-accumulation scenario.

A little bit different analysis below. I took the stocks in the S&P 1500 Index and plotted out a pie chart with the 5 day percentage return. I note nearly equal greens, yellow and red shades. Generally indicating a balanced market, but this is over only 5 days.

The Short Term Sector Strength table is shown below.

One curious thing to note is the revival of Oil and Energy stocks. Under valued in the short term but perhaps and “iffy” future. Earnings continue over the next 2 weeks for the bigger companies so the watch continues. Have a good week. ……………… Tom ……………

Price chart by MetaStock; pie chart & table by http://www.HighGrowthStock.com. Used with permission.

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