Trading Plan: 10 August 2022
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Nasdaq (-1.19%) continued its downtrend and closed in red with above-average volumes. It is possible to have a short-term top and now the price is looking for a (new) support. Watching 12350 level and the next lows if the case.
SP-500 (-0.42%) is still in a constructive area if it stays above the 4080 area. Building a base here might be healthy for a stronger breakout. But never rely on this only, anything can happen and we might see the price going down to EMA21 / SMA50.
In the news
Elon Musk sells 7.92 million Tesla shares worth $6.88 billion.
Biden signs China competition bill to boost U.S. chipmakers.
Ford will reopen F-150 Lightning orders this week at a much higher starting price.
U.S. productivity posts biggest ever annual drop in the second quarter.
U.S. consumer price growth is expected to slow due to lower gasoline costs.
Sectors
- Best yesterday sector: Energy, then Utilities. Worst sector: Consumer Cyclical.
- Best weekly sector: Basic Materials, then Financial. Worst sector: Energy.
- Best monthly sector: Consumer Cyclical, then Technology. Worst sector: Healthcare.
Sentiment
- NAAIM (weekly, neutral between 70 and 90): 55.28
- VIX (neutral under 20): 21.77
- Equity Put / Call Ratio (neutral between 0.7 and 1): 0.95
- CNN Fear & Greed: 49 (Neutral)
Breadth
- Stocks above SMA40 (neutral between 30 and 80): 72.66%
- Stocks above SMA200 (neutral above 30): 29.64%
- Number of stocks that increased yesterday by more than 4%: 114
- Number of stocks that decreased yesterday by more than 4%: 437
- McClellan Oscillator (neutral between -100 and 100): 65.94
