MGM Rips 10% Higher on Upgrade, Alphabet Marks a Swing High

An upgrade from Credit Suisse allowed MGM to enjoy the top spot on the S&P 500 yesterday, whilst Alphabet Inc tracked Wall Street lower.

MGM Resorts (MGM) rallied an impressive 10% yesterday, and its high-volume candle suggests it could potentially hold onto (and maybe even extend) yesterday’s rally. Yet it wasn’t such a pretty close for Alphabet (GOOG) which appears to have set a swing high, which could be of interest of to bearish swing traders. In today’s video we also update our bullish analysis on platinum futures after its two-day retracement shows signs of respecting support around $1000.

 

S&P 500: Market Internals

20211013spxsectors

S&P 500: 4350.65 (-0.24%), 12 October 2021

  • Real Estate (1.33%) was the strongest sector and Communication Services (-1.04%) was the weakest
  • 5 out of the 11 S&P 500 sectors closed higher
  • 6 out of the 11 sectors outperformed the S&P 500
  • 238 (47.13%) stocks advanced and 262 (51.88%) declined
  • 62.57% of stocks closed above their 200-day average
  • 37.03% of stocks closed above their 50-day average
  • 42.57% of stocks closed above their 20-day average

Outperformers:

  • + 9.61%-MGM Resorts International(MGM.N)
  • + 5.34%-ETSY Inc(ETSY.OQ)
  • + 5.32%-Enphase Energy Inc(ENPH.OQ)

Underperformers:

  • ·-4.08%-HP Inc(HPQ.N)
  • ·-3.94%-Citrix Systems Inc(CTXS.OQ)
  • ·-3.61%-Micron Technology Inc(MU.OQ)

 

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