A bullish chart pattern, known as an inverse head and shoulders, is cropping up in a number of assets and indexes in recent trade and suggests that the broader equity market may have more room to run beyond its current record levels, according to Asbury Research.
However, gains for the Russell have cooled somewhat, rising 5.9% over the past three months, compared with an 8.8% rally for the S&P 500, and a nearly 12% advance over the past 90 days in the Nasdaq, according to FactSet data. …and the same holds true for the financial sector, per the Financial Select Sector SPDR ETF XLF, -0.82% :
Kosar said: “I like to see something behind the head and shoulders…what I look for is ‘do I see the pattern everywhere else?’ All of these markets and indexes generally move together, so if you are looking at a large market pattern it is usually corroborated elsewhere,” he said. “It doesn’t mean that you can put everything on black, these patterns can still break down,” he said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
The measured move on these would be huge.
Chart patterns?
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
This chart says to stay bullish on the U.S. stock marketCompany earnings, on the whole, have been better than expected, though investors should monitor some key reports.
Source: MarketWatch - 🏆 3. / 97 Read more »
Stocks Are Off to Their Best Four-Month Start in DecadesMajor U.S. indexes enjoyed their best four-month start to a year since at least 1999, the latest milestone for a bounceback rally fueled by a more accommodative Federal Reserve and upbeat economic prospects. The economy is doing good, until you ask : What is the valuation of people's healthcare ? BillGates 😅Wise ass
Source: WSJ - 🏆 98. / 63 Read more »
It’s time to buy tech stocks again, and these 17 are your best betIt's time to buy tech stocks again, and these 17 are your best bet, says Michael Brush
Source: MarketWatch - 🏆 3. / 97 Read more »
Another Stock Market Record, but It’s a Different Kind of BoomThe biggest threat to the recent stock-market rebound is the end of the Goldilocks economy, either through a return to fears of recession, or a resurgence of inflation that wakes the Fed’s hawks from their slumber. I'm afraid of a major correction coming. Synicism Since when was 3.2% GDP growth in the US 'meh'?
Source: WSJ - 🏆 98. / 63 Read more »
Jeremy Siegel blames the Fed for the 20% stock market drop late last year'We look over 15 years, a lot of mistakes were made. You think there would be some more lively discussion,' and more dissenters on the Fed, says the longtime stock market bull. Wow! News flash!!!! Umm yeah. Just like it was the fed that caused us to have a 10 year bull run. And in the big picture a 30 year run. What about the 25% rally since?
Source: CNBC - 🏆 12. / 72 Read more »
3M’s stock on verge of worst day since 1987 stock-market crashShares of 3M Co. plunge toward biggest one-day decline in over 30 years, after the industrial, health care and consumer products company reported missed... Darn, they should shoot the management. Over sold... All of these old companies need a few Elons at the top to stay relevant
Source: MarketWatch - 🏆 3. / 97 Read more »
3M’s stock suffers worst day since 1987 stock-market crashShares of 3M Co. ring up the biggest one-day decline in over 30 years, after the industrial, health-care and consumer products company missed profit and...
Source: MarketWatch - 🏆 3. / 97 Read more »
Stocks making the biggest moves midday: 3M, UPS, Microsoft & moreThese are the stocks posting the largest moves midday Thursday.
Source: CNBC - 🏆 12. / 72 Read more »