Weekly Market Review & Outlook – Indicators and Index ETFs Follow Through

.... Weekly Market Review & Outlook .... High-Low Percent Follow Through .... MDY and SPY Follow Through .... Large Techs and Small Caps Lead  .... Sector Balance is Clearly Bullish .... Percent above 200-day EMA Reflects Broad Strength  .... XLK, XLY, XLI and XLB Lead with New Highs  .... Equal-weight and Small-cap Healthcare Lead .... Biotech ETFs End Corrections with...

Exact Sciences Corp Posts Solid Results, Completes Right Side Of Cup

On Thursday morning, Exact Sciences Corp (EXAS) was the #1 percentage gainer on the NASDAQ, rising nearly 26%.  While that's a massive move by any measure, I doubt that the move higher in EXAS has ended.  If you look at a weekly chart, you'll see that yesterday's gain in EXAS actually completes (or nearly completes) the right side of a very bullish long-term cup with handle pattern.  Take a look: Those big gains yesterday simply took EXAS back to where it was in early 2015.  I'd expect to see consolidation over the next several weeks, but ultimately a breakout that carries the stock to 55 based on its measurement.  Make sure the volume confirms on a breakout of its 2015 high. Quarterly results for EXAS were released Thursday morning and they showed that the company had handily beaten both its revenue and earnings estimates, setting the stage for yesterday's advance. Continue reading "Exact Sciences Corp Posts Solid Results, Completes Right Side Of Cup"

Consumer Discretionary Reasserting Leadership Role, Market Mixed

Market Recap for Thursday, April 27, 2017

Consumer discretionary (XLY, +0.53%) led the bifurcated action on Thursday as travel & tourism ($DJUSTT), gambling ($DJUSCA) and toys ($DJUSTY) all broke to fresh new highs helping to lead the sector higher.  The XLY has broken out and is leading once again on a relative basis vs. the benchmark S&P 500 so I'd consider looking at these three groups, in addition to other industry groups within the discretionary space.  However, of the three mentioned above, only toy has a strong historical track record in May as you can see below in the Historical Tendencies section.  XLY's recent relative strength is reflected in the Current Outlook section below. < p class"entry-more-link">Continue reading "Consumer Discretionary Reasserting Leadership Role, Market Mixed" »

Dell Technologies (DVMT) Pushes Up Out Of Consolidation

Dell Technologies (DVMT) was a recent IPO out of Dell and EMC. Here is the chart. With the technology stocks trading so well, this chart continues to climb. The volume is a little obscured by the 40 Million share candle. The average daily volume is a little clearer in the zoom box on the right, showing around 1.4 million shares. The momentum is starting to turn up again.  Good trading,
Greg Schnell, CMT, MFTA.

DP Alert: Market Pausing – Calm Before the Storm?

The short term remains bullish in terms of the DecisionPoint Scoreboards. The long term also is showing all bullish BUY signals. Momentum looks to be a problem in the intermediate term. The SELL signals on all but the NDX come from the Price Momentum Oscillator (PMO) on the weekly chart. You can go look at them with annotations in the DP LIVE shared ChartList right here

< p class"entry-more-link">Continue reading "DP Alert: Market Pausing - Calm Before the Storm?" »

Gold Faces A Critically Important Technical Test In The Weeks Ahead

Gold's long term trading range Watch those Gold shares for clues about Gold Hail Silver? Gold's long term trading range Gold is often regarded as a safe-haven investment, but is more normally held as a hedge against inflation. Chart 1 deflates the price by the CPI, so you can assess how it has performed in the last 50 years. Of course, it depends on where it is bought,