[Video] It’s a Fine Line Between Bulls and Bears on Wall Street

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.

Stocks (1)


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) 

More from Forex

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.

Open an Account