Do you know which stocks are the strongest in the market? Members of Find Leading Stocks certainly do. Subscribe to Adam Sarhan’s Find Leading Stocks today to get his list of the strongest stocks in the market directly to your inbox each Sunday to get ahead of the trading week.
Stocks ended mixed to mostly higher last week as other markets crumbled and investors digested a plethora of earnings. A slew of currencies and commodities fell hard but sellers remained at bay on Wall Street. To be clear, we are still in a very strong bull market and until we see any major selling show up, the stock market has earned the bullish benefit of the doubt. The next important near term level of support to watch is the 50 day moving average line for the major indices. On a relative basis, the Nasdaq and Nasdaq 100 continue to out-perform the other popular indices. After the 50 DMA line, the next important levels of support to watch are: Russel 2000: 1335, then 1308, Dow Industrials: 20,379, then 20.1k, S&P 500: 2322.25, then 2300, Nasdaq Composite: 5769.39, then 5669. Until those levels are breached on a closing basis, the bulls remain in control.
The Nasdaq jumped to a fresh record high on Monday. Bank shares also rallied after President Trump talked about breaking up the big banks. The market also digested several economic data points. The ISM manufacturing index slid to 54.8 in April from 57.2 and missed estimates. Construction spending slid in March from a record high. The Commerce Department said consumer spending remained flat in March, while personal income rose less than expected. The market edged higher on Tuesday as investors awaited a slew of high profile earnings to be released and the Fed began its two-day meeting. Apple Inc (AAPL)
Thur & Fri Action:
Stocks were quiet on Thursday even as crude oil plunged 5% and a slew of other commodities fell as well. Stocks are very strong as they simply refuse to budge even as other markets crumbled. On average, earnings remain positive as investors digested the latest round of earnings from Tesla (TSLA)
Market Outlook: Stocks Are Strong
The market is very strong. As always, keep your losses small and never argue with the tape. Want Adam To Be Your Personal Portfolio Consultant? You Don’t Have To Feel Alone In The Market, There Is A Better Way: Learn More
Want to invest with the experts? Subscribe to Equities Premium newsletters today! Visit http://www.equitiespremium.com/ to learn more about Guild Investment’s Market Commentary and Adam Sarhan’s Find Leading Stocks today.