| | | Stocks struggled to hold onto gains on Monday, despite a reprieve in the rise of interest rates following comments from recent bond bear Bill Ackman, who noted that he covered his shorts against the asset class. The S&P 500 Index closed down by two-tenths of one percent, ending for a second day below the important 200-day moving average. The horizontal band of support between 4100 and 4200 remains intact below, but a battle is playing out for market control between the bullish and bearish camps. The short-term trend remains that of lower-highs and lower-lows, remaining a threat heading into the band of support and as the market enters the best six months of the year performance. Scrutiny of the 4200 hurdle remains warranted; below this level the argument of favourable risk-reward heading into the end of the year shifts more in favour of the bears.
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FANGMAN Big Tech stocks were up 1%. Every one of META (formerly FB), AAPL, NFLX, GOOG, MSFT, AMZN, and NVDA were up. |
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