The market came under pressure yesterday especially in the morning but closed well off the lows. The SP500 is still trading above its 20-day moving average, the Russell 2000 is still intact, but we had a spike in stocks in new 1-month lows as you can see in the chart below and the pattern lately has been higher highs (more lows).
You can also see some deterioration in individual stocks when you take a look at how many stocks are up or down more than 13% or more in the last 34-days. Stocks up 13% or more have fallen off a cliff, and we have seen a slight uptick in stocks down 13% or more in the last 34-days.
I think it is too early to make anything significant out of this, but it’s noteworthy to see how it develops.
Here’s our watchlist for today;
We have an interest in these stocks on the long side if and only if they go through yesterday’s high plus ten cents. $EXAS $JAZZ are two stocks that recently gapped higher based on news, and now they have digested the news and can possibly resume higher.
Frank Zorrilla, Registered Advisor In New York. If you need a second opinion, suggestions, and or feedback in regards to the market feel free to reach me at email@example.com or 646-480-7463.
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