Another day with not much resolution of the current market situation. Some leaders still rising, others still testing, most stocks going nowhere.
That in itself is not bad. Looking at leaders across the market, the same action persists, i.e. holding support in a tight range, lighter trade, holding nearer support. V, AMD, AAPL, NVDA, GOOG, AVGO, TSM, MSFT and many others are off recent highs but doing a solid job of holding near support, riding out the lack of bids and current lack of interest.
All this while LYFT is readying to price and come public. If these issues survive with good pullbacks into the launch of these new issues, they will be in position to move higher once those issues come to market. LYFT comes to market Friday.
SP500 10.87, 0.39%
NASDAQ 27.70, 0.37%
DJ30 93.15, 0.36%
NASDAQ 100 0.20%
Transports are not bad yet again with rails and truckers higher. FDX, UPS up modestly as well.
Volume remains lower on NYSE, NASDAQ, again showing not a lot of buying as the indices move higher, but not much selling on those stocks still testing. Again, just a lack of bids.
Makes for fairly static trade and indeed watching some stocks backtrack to support and fail to bounce is to a certain extent nerve racking. We are watching to see if the leaders can hold that support and rebound once more.
Like VIAV as it is bouncing on rising trade.
Jon Johnson, Chief Market Strategist
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