[Video] Nasdaq Hits Record High, Best Day for Oil in 5-Months
Matt Simpson August 24, 2021 3:53 AM
Positive vaccine news helped lift Wall Street higher and send the dollar lower, providing a boost for commodities such as gold and oil.
In today’s video we take a look at the Nasdaq 100 cash index chart and highlight its next potential target. We also look at the impact a weaker US dollar has made on WTI and gold, as they both now show bullish structures.
The positive sentiment on Wall Street (thanks for the Pfizer-BioNTech vaccine being fully approved) also helped the S&P 500 E-mini futures contract hit our initial target. Yet the marginal close above its previous record high leaves us a little concerned it may be vulnerable to a pullback over the near-term, which is why we now favour the Nasdaq for the time being.
S&P 500: Market Internals
S&P 500: 4479.53 (0.85%), 23 August 2021
- Energy (3.76%) was the strongest sector and Utilities (-1.31%) was the weakest
- 7 out of the 11 S&P 500 sectors closed higher
- 4 out of the 11 sectors outperformed the S&P 500
- 4 out of the 11 sectors traded lower on the S&P 500
- 352 (69.70%) stocks advanced and 151 (29.90%) declined
- 79.21% of stocks closed above their 200-day average
- 62.18% of stocks closed above their 50-day average
- 54.85% of stocks closed above their 20-day average
- + 7.59% - APA Corp (US) (APA.OQ)
- + 7.55% - Moderna Inc (MRNA.OQ)
- + 6.92% - Occidental Petroleum Corp (OXY.N)
- -2.62% - Cboe Global Markets Inc (CBOE.Z)
- -2.42% - Rollins Inc (ROL.N)
- -2.37% - Pool Corp (POOL.OQ)
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