The market just closed, so let’s take a fresh look at seven important charts. I’ve put some remarks in the caption area of each one.
The NASDAQ Composite still keeps grinding away in its ascending channel. The belles of the ball today were NVDA and AAPL, each of which had new lifetime highs.The past month’s strength in the gold sector has hit a resistance line and has started to turn lower.The S&P 100 is also slipping higher within its own pattern, which is more of a wedge as opposed to the channel that tech stocks are in. It is close to lifetime highs.One important outlier today was the small caps, which has answered its own lifetime high from last week with a steady series of downdrafts. The key is the red trendline, which defines the bullish breakout.The S&P 500 is, not surprisingly, very similar in form and direction with the S&P 100.Nvidia’s earnings report launched its own stock as well as the semiconductor index in general to never-seen-before highs.Although crude oil futures pushed 1% higher today, the oil sector continues to weaken.
In closing, I’ll mention the standout for me today in energy-bear-land was symbol HP, which lost nearly a fifth of its entire market cap today alone.
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