Bulls In Full Force… Are Bears Looming?
Bulls In Full Force… Are Bears Looming?2020-08-24
The stock market jumped out of the gate early Monday with runs for records across all major indexes before settling in for a choppy session into the close.
The Dow surged to 28,308.46 points to gain 1.35% (adding 378 points on the day). The Nasdaq jumped .6% to 11,379.72 points while the S&P 500 jumped 1% to 3,431.28 points.
The Nasdaq and S&P 500 had record closes while the Dow was up for the third straight day.
Promise of a Covid-19 vaccine on the horizon and continued plans for economic reopening fueled the overall market uptick.
Individual stocks enjoyed positive surges, including airlines on news of a multi-day surface disinfectant being approved. Tech sector stocks largely continued their upward momentum, except for TSLA which saw an uncharacteristic setback of 2.22%.
Overall the last full week of the month opened with a strong rally to build on gains from last week.
As the bullish trend continues, Simpler’s traders are taking advantage of opportunities across the board. The flip side is always looming as many stocks appear extended and more stocks are trending down than traders may be seeing.
Past performance has shown that when more stocks are down than up, the market should be trending with less, if any, bullish momentum.
While the market continues to the upside, Simpler’s traders don’t want to be caught thinking too far ahead when any heavy selling kicks in.
We Saw: stock market surging to new highs –
- Nasdaq hits new record
- S&P 500 hits new record
- Dow continues with another positive day
We’re Watching: which sectors present opportunities –
- Tuesday with various economic signals
- TSLA momentum strength
- Setups in: YETI, AMD, HD, RH
Does it make sense to “see” price moves before they happen? Learn about catching “pops and drops” in a volatile market.