#SPX #QQQ #DIA #IWM #SOX the overbought lingers on. Weekly Market Recap
Another week gone by, another record high print. Our overbought market stretches longer, as the trading paradox goes, buying begets buying; Stockmarket has entered into unknown zone, it keeps breaking new record highs, in meager gains of quarter to half bps or .25%- .50%. Technical chart is bias to long side with new norm of Overbought reading. If we get any short term pullback, notes the major index correction, since last November 2016, are capped by max of 5% intraday lows* closing price by at max 3%* Equities that had record high print last week:
- BIDU, BABA, WMT, NVDA, GOOGL, & CAT
We are in earnings season zone, so far, banks has timid reaction, C -3.43% biggest loser on finnies sector, WFC -2.75%, JPM -.88% & BAC +1.49% the only one that held green territory on earnings reaction for Q3; On Monday NFLX will commence earnings for the high betas, multiple analysts has given their bullish comments and raises price target of it ahead of Q3 earnings.