U.S. Market Wrap for Thursday
Gary Christie April 16, 2020 10:38 PM
US indices closed up on Thursday, lifted by the Health Care Equipment & Services (+2.99%), Semiconductors & Semiconductor Equipment (+2.68%) and Retailing (+2.62%) sectors.
U.S Market Wrap for Thursday
US indices closed up on Thursday, lifted by the Health Care Equipment & Services (+2.99%), Semiconductors & Semiconductor Equipment (+2.68%) and Retailing (+2.62%) sectors. Roughly 19.4% of stocks in the S&P 500 Index were trading above their 200-day moving average and 92.2% were trading above their 20-day moving average. The VIX Index dropped 0.78pt (-1.91%) to 40.06, while Gold rose $1.35 (+0.08%) to $1718.37, and WTI Crude Oil declined $0.26 (-1.31%) to $19.61 at the close.
The S&P 500 rose 16.19pts (+0.58%) to 2799.55. | Number of Advance: 37 | Decline: 468 | 52w high: 8 | 52w low: 1.
The percentage of stocks in the S&P 500 trading above their 200d moving average reached 19.4% while the percentage of stocks in the index trading above their 20d moving average hit 92.2%.
The Dow Jones Industrial Average gained 33.33pts (+0.14%) to 23537.68. | Number of Advance: 5 | Decline: 25 | 52w high: 1 | 52w low: 0.
The Nasdaq 100 jumped 165.87pts (+1.93%) to 8757.83. | Number of Advance: 19 | Decline: 84 | 52w high: 6 | 52w low: 0.
Looking at the S&P 500 index CFD on a 4-hour chart, Key overlap resistance remains at 2885 which acted as support in February. A rising wedge pattern is taking shape which is a bearish classic pattern. Bulls have to be cautious here, a break below the lower rising trend line would confirm the wedge and have bearish implications down to the next support level indicating 2640. A break above 2885 may set up a further advance towards 2980 and 3117 in extension.
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.