The Nasdaq (+0.06%) had a rough morning but was able to close above the SMA50. This is a key point now, a close below could send the price much lower as there is no real support until the March lows.

The SP-500 (0.43%) closed above the SMA200 and above yesterday’s high. Volumes were lower than yesterday. For now let’s watch the direction towards SMA50 or the resistance in the 4600 area.

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  • Yesterday’s Best Sector: Health care, then Energy. Worst Sector: Real Estate.
  • Best weekly sector: Health care, then Defensive Consumer. Worst sector: Technology.
  • Best monthly sector: Health care, then Utilities. Worst sector: Industry.
  • NAAIM (weekly, neutral between 70 and 90): 83.41
  • VIX (neutral under 20): 21.55
  • Equity Put/Call ratio (neutral between 0.7 and 1): 0.88
  • CNN Fear & Greed: 48 (Neutral)
  • Stocks above SMA40 (neutral between 30 and 80): 47.60%
  • Stocks above SMA200 (neutral above 30): 34.25%
  • Number of stocks that rose more than 4% yesterday: 179
  • Number of stocks that fell more than 4% yesterday: 192
  • McClellan oscillator (neutral between -100 and 100): -51.67

Constellation Brands increased earnings and sales estimates by 4.61%. $STZ also announced that it would repurchase $500 million worth of shares based on yesterday’s closing price.

Notable earnings reports for today:

Investors and traders seem to be waiting for market direction. News about multiple rate hikes and QT from May still keep the market balanced.

It is best to wait for confirmation before entering full positions.

Even though there are stocks that are making new highs (it’s a bullish sign in the market), most of the stocks that have reached my analytics don’t form any pattern, or if they do, they’re too far out of their principal averages.

I’m just looking.

Exercise due diligence if or when placing a trade. All ideas expressed here are my own and do not represent trading or investment advice.

To learn more about trading, you might want to read:

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