STOCKS START THE WEEK ON A STRONG NOTE

John Murphy
by John Murphy,
Pioneer Technical Analyst

STOCK INDEXES CLEAR 50-DAY AVERAGES... Stocks are starting the week on a strong note.   Charts 1 and 2 show the Dow and S&P 500 trading above their 50-day averages.   The Dow has also cleared initial resistance at 26,000.  Chart 2 shows the SPX also exceeding overhead resistance at 2892.    Chart 3 shows the Nasdaq Composite Index trading above its 50-day line as well; and nearing a test of overhead resistance at 7946.   The weekend decision to cancel tariffs on Mexican imports is probably contributing to today's strong open.  Most sectors are in the black, with the biggest gains in technology, cyclicals, industrials, and financials.  A rebound in bond yields is helping lift financial shares.  

Chart 1

Chart 2

Chart 3

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John Murphy
About The Author:

A trailblazer in intermarket analysis, John authored key texts that shaped technical trading and helped generations of investors decode market trends using charts and correlations. Learn More 

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