General Market Update
Megacap Techs Sink Nasdaq On Mixed Day
Wednesday turned in one of the most lopsided performances among the major indexes in quite a while. X
The headlines-making Nasdaq composite index sank 2%, halting a three-day rally.
This index is market-cap weighted, put another way, what the 10 biggest companies do has tremendous sway every trading day over the premier index for growth companies.
The top three companies alone, including Microsoft (MSFT), which tanked 7.7% in massive turnover Wednesday, grab more than a quarter of the Nasdaq's valuation. Microsoft fell fiscal Q1 results that marked further deceleration.
Small and midcap stocks, meanwhile, also did better than the names that once were fondly known as the FAANG firms. The Russell 2000 rose almost 0.5%. SPDR S&P Mid Cap 400 closed nearly 0.3% higher.
Breadth turned out bullish on the session yesterday
On the Nasdaq, winning stocks outpaced losers by about 800 issues which is an overall bullish indication which may confirm a new uptrend being underway.
Updated Watchlist
All stocks on our watchlists meet the hard selection criteria according to Mark Minervini's Trend-Template and William o' Neil's CAN SLIM methodology.
Here is the link to the updated watchlist:
www.tradingview.com/...watchlists/75013711/
Megacap Techs Sink Nasdaq On Mixed Day
Wednesday turned in one of the most lopsided performances among the major indexes in quite a while. X
The headlines-making Nasdaq composite index sank 2%, halting a three-day rally.
This index is market-cap weighted, put another way, what the 10 biggest companies do has tremendous sway every trading day over the premier index for growth companies.
The top three companies alone, including Microsoft (MSFT), which tanked 7.7% in massive turnover Wednesday, grab more than a quarter of the Nasdaq's valuation. Microsoft fell fiscal Q1 results that marked further deceleration.
Small and midcap stocks, meanwhile, also did better than the names that once were fondly known as the FAANG firms. The Russell 2000 rose almost 0.5%. SPDR S&P Mid Cap 400 closed nearly 0.3% higher.
Breadth turned out bullish on the session yesterday
On the Nasdaq, winning stocks outpaced losers by about 800 issues which is an overall bullish indication which may confirm a new uptrend being underway.
Updated Watchlist
All stocks on our watchlists meet the hard selection criteria according to Mark Minervini's Trend-Template and William o' Neil's CAN SLIM methodology.
Here is the link to the updated watchlist:
www.tradingview.com/...watchlists/75013711/
Combing the BEST of two WORLD's: Cathie Wood & Mark Minervini
