US Stock Market gyrating?

US stock market has been fighting all odds and is in an ascending pattern.

Since January 2018 which is 22 months ago, we have been gyrating wildly with huge drop in December 2018 and then making new all time highs in July 2019...

In 22 months we are only 100 points ahead from where we started.....

SO IF you are feeling we are not making any progress in our Investing, because markets are too volatile .....

Brexit, China, Fed, Iran are impacting trading on a daily basis..

GLD has benefited lately due to stock market gyration and may have peaked and going south....

Here is a peak in my closely watched RSI numbers :

DOW          51.49

Nasdaq       53.60

SOX          54.15

S&P 500   54.93

RUT         55.92  

As you can see, that we are looking very strong in above numbers, SOX actually made a new Intraday all time high 5 trading days ago.....

RUT is the farthest from new all time high.....205 points or about 11.79% away...

S&P 500 and SOX need 42 & 35 points to make into new record.....DOW & Nasdaq are 630 and 250 points away which may be 3 days of UP move.....

No matter how you feel about volatility, It Is heading in the right direction.

SOX seems to be the right focus to benefit from this ascending pattern.

FANGS are not with rare exception of AAPL which is in new all time high territory......

SO...based on the picture I am trying to paint, It Is very encouraging, to say the least.....

Chinese slowdown has hit Chinese stocks the worst and are more volatile than any sector, BUT we all live in hope....so not all is lost there either....

Good luck with your own analysis and comfort level.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed