DAILY TREND REPORT
WEDNESDAY, APRIL 15, 2020
Markets backed off today, with $SPX -2.20% to close at 2783.36, and $NDX -1.15% to close at 8591.96. 10-year UST yields were down to .638, Gold was -1.62% to 1740.20 and crude oil was -1.19% to close at 19.87. $VIX was up to 40.84.
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Financials and basic materials weighed on $SPX, while tech was stronger. There were new highs in $AMZN, $WMT, $NFLX and $LLY, among others listed below. Many stocks are at the higher end of their daily range, after a strong last 7 days leading into today, so some consolidation could be expected. The market is likely going to sort through earnings, healthcare news and economic news, so some volatility could also be expected. Energy stocks are correcting, and as they do the longer term risk vs reward improves.
POSITION UPDATE: No activity today, but we did move up the stop in $NFLX to 329.80.
The focus group tomorrow is scheduled to be gold miners and $GDX. $GDX is scheduled to be the Chart of the Day for tomorrow and we are planning to open a position there in the morning. Gold and miners have been a focus group most of this year, although $GDX had a huge volatility shakeout last month, which is now coming in. The $GDX daily chart is setting up well in it’s base here, over the 200-day moving average. Also, spot Gold, $NEM and $GOLD have all broken out to multi-year highs, and $GDX appears to be setting up as well. $30 is the top of a 7-year range, and if that clears, that could signal a new leg higher.
Other than that there is no activity planned in the accounts for tomorrow.
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New highs of interest today, over $10B, by market cap:
AMZN, WMT, NFLX, LLY, JD, REGN, ATVI, DOCU
|MARKETS||CLOSING PRICE||CHANGE||% CHANGE||TREND||OVER 200D|
|S&P 500 $SPX||2783.36||-62.70||-2.20||N||N|
|Nasdaq 100 $NDX||8591.96||-100.20||-1.15||U||Y|
|10-year UST Yields||.638||-.114||D||N|
|WTI Crude Oil||19.87||-.24||-1.19||D||N|
|US Dollar Index||99.49||.60||.61||U||Y|
|Trend = Up U, Down D or Neutral N|
|Over $10B New Highs||15|
|Over $10B New lows||2|