HAIL - Stocks Likely To 'Take Five'
2024-03-05 10:05:00 ET
Summary
- There are several technical indicators here that communicate the S&P 500 cap-weighted index is extended and due for correction.
- While the market and earnings performances predominantly rely on a select few stocks, it's imperative to assess whether this prosperity and economic confidence can extend beyond the technology, communications, and consumer discretionary sectors.
- The percentage of stocks within the S&P 500 that are trading above the 50-day moving average has softened since the beginning of the year.
By Ryan J. Puplava
Since the fourth quarter of 2022, the Dow Industrial Average, the S&P 500, and the Nasdaq Composite have maintained a prolonged bullish trajectory. Throughout the past eighteen months, stock fluctuations have been notable, yet the stellar performance of Alphabet ( GOOG ) ( GOOGL ), Amazon ( AMZN ), Apple ( AAPL ), Microsoft ( MSFT ), Meta Platforms ( META ), Nvidia ( NVDA ), and Tesla ( TSLA ) (the "Mag 7") has been a consistent highlight, not only in stock value but also in earnings....
Stocks Likely To 'Take Five'