[Video] Double Top Tech Stocks, Gold Bugs Gun for 1800

Market chart
 


Also in today’s video we look at Netflix (NFLX) as it clings onto a cluster of support levels, yet lacks the ambition to rise from them. This leaves two contrasting setups should volatility return, one way or another.

Updates to previous videos:

  • Albemarle (ALB) is trading in a tight consolidation near this week’s high. We remain bullish above 162 should prices retrace, although a break above Monday’s high assumes bullish continuation.
  • Morgan Stanley (MS) held above 76 support and a new bullish leg has resumed. Key support levels reside at 81.30, 80.0 and 78.29
  • Brent  rose to a six-day high in line with our bias form yesterday’s video. The US dollar index also printed a large bearish engulfing candle to strongly suggest a key swing high is in place and its bearish trend is now trying to resume.
  • CAD/JPY has reached our initial target at 88.30. Whilst this favours the odds of a minor pullback, the trend remains firmly bullish, so our bias is for an eventual breakout.



S&P 500: Market Internals


S&P 500: 4183.18 (-0.08%), 28 April 2021

  • Energy (3.3%) was the strongest sector and Information Technology (-0.96%) was the weakest
  • 6 out of the 11 sectors traded lower on the S&P 500
  • 232 (45.94%) stocks advanced and 272 (53.86%) declined
  • 94.46% of stocks closed above their 200-day average
  • 72.67% of stocks closed above their 20-day average

Outperformers

  • + 9.57%   -  Nov Inc  (NOV.N) 
  • + 8.54%   -  Devon Energy Corp  (DVN.N) 
  • + 7.79%   -  Hess Corp  (HES.N) 

Underperformers:

  • -14.2%   -  Enphase Energy Inc  (ENPH.OQ) 
  • -9.08%   -  F5 Networks Inc  (FFIV.OQ) 
  • -7.22%   -  Amgen Inc  (AMGN.OQ) 


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