Video Nasdaq Hits Record High Best Day for Oil in 5 Months

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

Outperformers:

• + 7.59%   -  APA Corp (US)  (APA.OQ) 
• + 7.55%   -  Moderna Inc  (MRNA.OQ) 
• + 6.92%   -  Occidental Petroleum Corp  (OXY.N) 

Underperformers:

• -2.62%   -  Cboe Global Markets Inc  (CBOE.Z) 
• -2.42%   -  Rollins Inc  (ROL.N) 
• -2.37%   -  Pool Corp  (POOL.OQ) 

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