General Market Update
After the Nasdaq composite and S&P 500 made follow-through rally confirmations Friday, the stock market extended gains Monday.
In the initial hours, performance was uneven. The Nasdaq composite and small caps lagged the S&P 500 and Dow Jones Industrial Average. But the Nasdaq composed itself in afternoon trading and closed almost 0.9% higher.
The S&P 500 and Dow led with gains of 1.2% and 1.3%. The Russell 2000 rose less than 0.4% as small caps never caught up with the rest of the market. Volume rose 2% vs. Friday's session on the Nasdaq and was indicated lower on the NYSE.
Friday's follow-through — when the S&P and Nasdaq surged more than 2% each in higher volume — marked the start of a confirmed market uptrend. But while the signal is historically bullish, today's market calls for greater safeguards.
Reasons For Stock Market Caution
Three follow-throughs that occurred earlier this year all failed, as they often do in bear markets. And today's stock market still faces major risks.
The Fed, for one, is still looking for clear signs that inflation is cooling off before it cuts back on rate hikes. Scores of earnings reports are coming out this week, including many bellwether companies.
Updated Watchlist
All stocks on our watchlists meet the hard selection criteria according to Mark Minervini's Trend-Template and William o' Neil's CAN SLIM methodology.
Here is the link to the updated watchlist:
www.tradingview.com/...watchlists/75013711/
After the Nasdaq composite and S&P 500 made follow-through rally confirmations Friday, the stock market extended gains Monday.
In the initial hours, performance was uneven. The Nasdaq composite and small caps lagged the S&P 500 and Dow Jones Industrial Average. But the Nasdaq composed itself in afternoon trading and closed almost 0.9% higher.
The S&P 500 and Dow led with gains of 1.2% and 1.3%. The Russell 2000 rose less than 0.4% as small caps never caught up with the rest of the market. Volume rose 2% vs. Friday's session on the Nasdaq and was indicated lower on the NYSE.
Friday's follow-through — when the S&P and Nasdaq surged more than 2% each in higher volume — marked the start of a confirmed market uptrend. But while the signal is historically bullish, today's market calls for greater safeguards.
Reasons For Stock Market Caution
Three follow-throughs that occurred earlier this year all failed, as they often do in bear markets. And today's stock market still faces major risks.
The Fed, for one, is still looking for clear signs that inflation is cooling off before it cuts back on rate hikes. Scores of earnings reports are coming out this week, including many bellwether companies.
Updated Watchlist
All stocks on our watchlists meet the hard selection criteria according to Mark Minervini's Trend-Template and William o' Neil's CAN SLIM methodology.
Here is the link to the updated watchlist:
www.tradingview.com/...watchlists/75013711/
Combing the BEST of two WORLD's: Cathie Wood & Mark Minervini