Stocks ended the session mixed on heavy trade. The NYSE and S&P 500 posted modest gains of 0.3% and 0.1% respectively. The Nasdaq closed fractionally lower, while the Dow Jones Industrial Average, S&P MidCap 400 and small-cap Russell 200 all shed 0.1%. The airline, home builder and automotive sectors displayed relative weakness on Friday, while coal and oil services showed strength.
For the third time in as many days, the session closed with internals mixed. Volume skyrocketed on the Nasdaq by 20.7% and on the NYSE by 58.4%. Advancing volume outpaced declining volume by 1.2 to 1 on both exchanges. Although the Nasdaq narrowly missed an accumulation day, the NYSE saw institutional buying as it closed at a new 52 week high.
Since testing its 50-day MA on March 12th, the iShares MSCI Brazil Index Fund (EWZ) has been consolidating in a pennant like formation at its 20-day EMA. A move above the seven day high of $68.30 could provide a buying opportunity in this ETF. We are adding EWZ to the watchlist. Trade details can be found in the watchlist segment of the newsletter.
The commentary above is an excerpt from our nightly Wagner Daily newsletter. Subscribing members receive detailed entry and exit prices for our swing trade setups, additional annotated ETF and stock charts, technical market commentary, and access to our Live Trading Room. Click here to become a member for as low as $58 per month. Your full satisfaction is guaranteed.
You know your trading rules. You've written them down. You even follow them in practice. Then the market opens, and…
Most traders would have sold Micron ($MU) at +20%. Some would have panic-sold when it pulled back to the 8-day…
Crude oil dropped sharply after the Iran ceasefire was announced, and most traders were glued to the headlines trying to…
Three weeks before this post, we moved to 100% cash right before the NASDAQ dropped 8.5%. Most traders either tried…
As Bitcoin breaks through critical resistance levels, seasoned traders are eyeing both opportunities and warning signs in today's volatile crypto…
While most investors are running for the exits, savvy traders are quietly building watchlists of stocks showing remarkable resilience. These…