$SPX, $QQQ, $NDX: Breadth Weakens, Volatility Rises, Primary Uptrend Holds

SmartReversals
01-06 12:33

1. $S&P 500(.SPX)$

The narrowing price action suggests a potential bullish resolution. While Tech bounced, the actual drivers were Energy, Financials, Discretionary, and Materials.

2 key elements warrant attention: the daily candle lacked conviction, and the $VIX jumped over 2.7%.

2. $Invesco QQQ(QQQ)$

Bearish engulfing candle validated by high daily volume, the 20DMA was lost and the MACD crossover suggests a trend reversal.

The Weekly Compass anticipated a bullish start of the week, providing the specific price level that must be recovered to validate a bounce.

3. $NASDAQ 100(NDX)$

Short term momentum faded last week: NDX & Small Caps show fewer than 40% stocks above their 20DMA.

The uptrend remains intact despite the recent consolidation. The majority of stocks across all indices are holding above their 200-DMA.

For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.

🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now

Find out more here.

Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.

Click to access the activity

Other helpful links:

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment