The last time Nasdaq Composite was above its 200-day line was 257 trading days ago. The index is also just dealing above the 200-week line also. It will be important to have a bullish close to the week.
The S&P 500 managed to break above 4000 zone and recent pivot high as well as dealing above the 50-week high. Again, it is important the index also has a bullish
Another weak premarket ending the session flat on anticipation of earnings for some big companies.
We hold positions in MSFT and TSLA and both have reported earnings AMC over the last two days. All things considered, the earnings were acceptable for us to continue with these positions although it is also very much market dependent.
Wednesday we had the PPI number which the premarkets reacted to positively but as the RTH session progressed, the stocks began to see weakness, especially in mega-cap and the day closed with the S&P 500 back below its 200-day line.
VIX is back slightly above 20 mark so now we will watch the reaction and any follow-through from yesterdays market before considering our next move.