[Video] It’s a Fine Line Between Bulls and Bears on Wall Street
Matt Simpson May 12, 2021 3:44 AM
After a weak start, US indices clawed back some of their pride by the day’s close. So today we find out whether it is part of a rebound, or simply a sympathy bounce.
In today’s video we update analysis on the Nasdaq 100, and tie this into a key level on the S&P 500. We then finish up on USD/CHF ahead of today’s inflation report form the US.
As for yesterday’s video, Like the Nasdaq, Tesla (TSLA) and Apple (AAPL) gapped lower but clawed back earlier losses. It may not be what bears want to see but bulls have yet to declare victory. And out of the two tech stocks, Tesla’s structure appears to be the more bearish. Our bias remains bearish below the 665.05 high (or the broken trendline if any rebound takes a whilst) and a break beneath 590 brings the 541.21 – 556.44 support zone into focus.
As for Apple, prices will ideally hold beneath the 126.70 breakout level before heading for the 120.40 – 121.16 gap support zone, although the bias remains bearish beneath the 131.30 high.
S&P 500: Market Internals
S&P 500: 4152.1 (-0.87%), 11 May 2021
- Materials (0.35%) was the strongest sector and Energy (-2.5%) was the weakest
- 10 out of the 11 sectors traded lower on the S&P 500
- 88 (17.43%) stocks advanced and 417 (82.57%) declined
- 92.08% of stocks closed above their 200-day average
- 75.84% of stocks closed above their 50-day average
- 59.8% of stocks closed above their 20-day average
- + 10.8% - NortonLifeLock Inc (NLOK.OQ)
- + 4.82% - Freeport-McMoRan Inc (FCX.N)
- + 3.15% - ServiceNow Inc (NOW.N)
- -11.9% - HanesBrands Inc (HBI.N)
- -7.89% - Occidental Petroleum Corp (OXY.N)
- -5.90% - Pioneer Natural Resources Co (PXD.N)
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