This is the first time that biggest tech companies are violating 50 DMA across the board.....
They were the hallmark of " America the great phenomenon "
WHY they are all in a unified downtrend is extremely " rare phenomenon "
Will they find support near 200 DMA is the question of the day....
None of the sector which I monitor looks healthy either, another " rare phenomenon "
Here is the RSI numbers..my sole guide in any market :
DOW 31.74
S&P 500 37.05
Nasdaq 39.51
XLE 40.37
IWM 41.86
GLD 41.98
SOX 42.59
JETS 43.21
XLB 43.36
TAN 50.70
As you can clearly see that just about every sector / Index is being sold off except TAN ( Solar )
They may NOT have reached " deeply oversold conditions yet "
RSI in 20's are considered deeply oversold......
We may get to deeply oversold level by end of Monday hopefully?
COVID-19 is not going away anytime soon.....
BUT US election is ending in 48 hours with all the unintended dramatics as a side show......
SO some relief may be on the way...one uncertainty may have " clearer picture Tuesday night "
In this environment exposure is important but in a diversified manner......
Market should find support before we know soon...hopefully..
Good luck with your own take on COVID-19, Election and technical health of this market.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Last week: -7.42% (YTD: +75.69%)
Notable Leaders: none
Notable Laggards: GRWG LYFT PLCE ELY HUBS
It was massive profit taking across the board as election fears and covid resurgences ruled. Nothing was spared, but after a tough month, we look toward some better certainty going forward. Many companies have reported great results, and I don't expect that trend to change. I made quite a few moves in the portfolio to take advantage of high-beta dips and outstanding forward prospects based on reported earnings.
Holdings: GM HUBS EAT ELF SNAP BHVN FDX SQ ENPH PSNL PINS ELY LYFT GRWG MOMO LQDA, cash 0.0%
Stocktrader
Hi Stocktrader,
Last week Down 10.75%
YTD UP 27.71%
Saleem
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