Category: The Wagner Daily – Archives

One positive to take away from the recent move to new lows in the Nasdaq Composite is the bullish divergence in the number of stocks setting new 52-week lows (the red histogram is the net number of 52-week highs minus 52-week lows).  Although good to see, it’s tough to get excited about the market until the number of new 52-week highs pick up. 

$ARKK ETF broke its uptrend line and may be headed for another leg lower.

There was almost no pause during the 8-week rally off the lows. Such a rally, once momentum wanes, frequently triggers an even more explosive move back down in a weak market.

$FSLR could be back to the 40-week MA in no time.

$LPLA breakout is working, a positive sign, but we need to see more action like this.

$IWM put in a day 5 follow-through day on Tuesday based on the strong gain on higher volume.

$SWAV is still a must-own for us if/when market conditions improve. The price action reclaimed the 50-day MA last week and has held up so far. The downtrend line remains in control.

$PCTY is trying to hold the 50-day MA this week as it continues to build a nice base in an ugly market.

A push through the 11,400 area on the Nasdaq 100 futures could lead to a bounce.

Earlier this year, whenever the S&P 500 fell, money poured into the energy sector.  That has not been the case recently, with crude falling in lockstep with broad-based averages over the last two months.  

The US dollar is in a very strong uptrend which is putting pressure on all commodities.

The S&P 500 Index Reversed Short of its Previous Low and the Percentage of Stocks Above their 40-day Moving Average is Currently Near Extreme Levels