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

The Nasdaq 100 has twice failed to hold onto gains above 14,000. Meanwhile, gold bugs are quietly snapping up the precious metal above key support.

Charts (3)

 


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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