"Ultimately these negative divergences will matter, and with the SPX above its upper Bollinger band (4512), we should be close to an inflection here even if it's only short-lived," Krinsky said.These terms and conditions govern your use of this website ( By accessing this website, you agree that you have read and accept these terms and conditions. He added that even if small-cap equities turn more bullish, they became extended in the near-term view. "Small-caps are at the heart of the weakness, down over 1%," Krinsky noted. That was actually a bottom after a four-day pullback, so not really relatable at all to the current set-up, more just a sign of how rare today's action is," he continued. "Since we have data back to '08, we can find only one other day when NYSE downside volume was 75% or higher, and the SPX closed green. NYSE breadth is awful so far, with the A/D line -1240 and 77% of NYSE volume in declining stocks," Krinsky wrote in a Friday note. 2022Īlthough Wall Street is on pace for a positive week, the breadth is "awful," according to BTIG chief market technician Jonathan Krinsky. Bristol-Myers Squibb, lowest since Jan.Conagra Brands, lowest since June 2022.Meanwhile, just five stocks fell to 52-week lows in the S&P 500 Friday, none of them records, although AT&T touched a 20-year low: Sherwin-Williams, highest since June 2022.ON Semiconductor, all-time high since 2000 IPO.Fortinet, all-time high back to 2009 IPO.Cadence Design Systems, all-time since predecessor ECAD went public in 1987.Copart, all-time high back to 1994 IPO.Intuitive Surgical, highest since Jan.IDEXX Laboratories, highest since April 2022.Cooper Companies, highest since April 2022.Align Technology, highest since April 2022.Intercontinental Exchange, highest since April 2022.
CBOE Holdings, all-time high back to 2010 IPO .PulteGroup, trading at all-time high back to its IPO in 1972.Lennar, all-time high back to start of trading in 1971.Booking Holdings, trading at record high back to 1999 IPO.Netflix, trading at highest since Feb.Three of the all-time highs are homebuilders. Three of the 32 ( JPM, V, CRM ) are also in the Dow Jones Industrial Average. More than one third of the 32 stocks making new 52-week highs in the S&P 500 Friday are also trading at all-time records. So it's a pretty good backdrop for risk assets," said Ladner. "The Goldilocks scenario is alive and well, in terms of declining inflation pressures and still fairly robust economic growth. Investors are now considering whether a strong economy illustrated by the recent data could push stocks higher by the end of the year. The latest producer price index report showed inflation rose less than anticipated and built on trader optimism from the June consumer price index data, which came out Wednesday. Investors' sentiment has been lifted by soft inflation reports this week. That would mark the worst earnings season since the second quarter of 2020, when S&P 500 profits dropped 31.6%. So that's a good sign for consumers and the economy," Ladner added.Įxpectations for this season are downbeat, with analysts forecasting a roughly 7% year-over-year drop in S&P 500 earnings, according to FactSet. "We're seeing right now default rates are still historically incredibly low and not showing signs of skyrocketing higher. "What we've seen out of big bank earnings, especially JPMorgan, is pretty resilient," said Scott Ladner, chief investment officer at Horizon Investments. Wells Fargo inched down 0.3%, even though the bank posted better-than-expected results. The bank was boosted by higher interest rates and rising interest income. JPMorgan Chase rose 0.6% after its second-quarter earnings topped expectations. UnitedHealth was also the biggest gainer in the S&P 500's health-care sector, which advanced 1.5%. The company also raised the lower end of its full-year adjusted earnings guidance. The insurance giant jumped more than 7% after it reported better-than-expected adjusted earnings and revenue. UnitedHealth shares lifted the blue-chip index Friday as its top performer. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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