***This is a free sample of one of our Members Daily Reports & Market Videos***
DAILY TREND REPORT
TUESDAY, JULY 7, 2020
$SPX -1.08% 3145.32
$NDX -.75% 10524.01
10y UST .650 -.034
Gold +.91 1809.90
WTI Crude oil -.02 40.62
Large cap new highs: 52
Large cap new lows: 0
New highs, open positions, by market cap: MSFT, AMZN, FB, BABA, NVDA, NFLX, SQ, LVGO
New highs, other large cap names of interest: AAPL, TSLA, ADBE, CRM, ABBV, VRTX, REGN, NTES, ATVI, DXCM, EA, EBAY, SNAP, VEEV, DOCU, SGEN, ODFL
Top performing tracking ETFs: Gold Miners, GDX, Genomics, ARKG, and Treasuries, TLT
Bottom performing tracking ETFs: Aerospace/Defense, ITA, Energy, XL and China large cap, FXI
Names of interest reclaiming the 200-day moving average today: TWTR
I covered in the video tonight the trend weakness in airlines, energy and certain financials. AAL, BX, COF, PSX and VLO are a few charts that are starting to breakdown. They can always turn higher at any time, but the near term trend is weaker for now. If they continue to weaken, it could put some pressure on $SPX. Instead of trying to forecast that it is easier for me to continue to avoid those areas. These groups are more sensitive to health care and economic news as well.
The uptrend groups, tech, gaming, biotech, healthcare, gold miners, China internet, etc. continue to have the best charts, and are where I want to continue to focus on. Biotech started to break out today, with REGN, SGEN and VRTX making new highs and DXCM and LVGO also strong in healthcare. The China internet breakout is of interest here, and I will see how these names are trading tomorrow after holding off on any new entries there today. The higher relative strength groups in uptrends continue to trend higher.
Gold closed at the highest level since mid-2011 and Gold Miners GDX made a new 7-year high. The charts here are constructive and remains a key focus group.
In short, I am going to continue to focus on uptrend ideas working higher in their trends and on pullbacks and avoid the weaker groups. I am looking at a few ideas in China and healthcare and will see how they are trading tomorrow.
This data removed for the Free Sample Report.
|MARKETS||Closing Price||Point Change||% Change||Daily Trend||> 200 dma|
|S & P 500 $SPX||3145.32||-34.40||-1.08||U||Y|
|Nasdaq 100 $NDX||10524.01||-80.05||-.75||U||Y|
|Dow Industrials $INDU||25890.18||-396.85||-1.51||U||Y|
|10-year UST Yields||.650||-.034||D||N|
|WTI Crude Oil||40.62||-.01||-.02||U||Y|
|Large Cap 52w highs||52|
|Large Cap 52w lows||0|