STOCKS GAIN MORE GROUND -- DOW AND S&P 500 MAY TEST 50% RETRACEMENT LINES -- THE QQQ IS TRYING AGAIN TO CLEAR ITS 200-DAY LINE -- ALL SECTORS ARE UP WITH REAL ESTATE, ENERGY, UTILITIES, MATERIALS, AND FINANCIALS LEADING
STOCKS REGAIN UPSIDE MOMENTUM... Stocks are gaining ground today following yesterday's late selloff. Chart 1 shows the Dow Industrials gaining 3% today. Today's price gain has kept the Dow above its lower 38% Fibonnaci retracement line; and may be signalling a test of its 50% retracement line. And maybe even its 5o-day moving average. The S&P 500 looks pretty much the same as shown in Chart 2.
NASDAQ 100 RETESTS 200-DAY LINE...Yesterday's last message showed the Nasdaq 100 pulling back from its 200-day average. Chart 3 shows the Invesco QQQ Trust trying to clear its red line again today. A higher closse would also put the QQQ closer to its 50% Fibonacci retracement line and 50-day moving average (blue arrow).
ALL ELEVEN SECTORS ARE HIGHER... All eleven sector SPDRs are rising today with the strongest being real estate, energy, utilities, materials, and financials. Consumer staples are showing the smallest gain.
