This is our weekly S&P 500 MoMo (momentum) report. We have analysed the S&P 500 through our stock screeners to give you the top stock recommendations with positive and negative momentum to help you get an edge in your trading. We also look at whether the S&P 500 may be primed for a reversal based on its market internal indicators.
In this report we look at:
- The SPX has been running into some strong resistance around the 2175 level and market internals have been rolling over.
- This week’s longs: NYSE:URI, NASDAQ:WYNN.
- This report also takes a look at which stocks have had the best risk-adjusted returns, looking at the Sortino and Sharpe ratios of the index.
- It also looks at what stocks are screening up on the value screens.
The S&P 500 has been running into strong resistance at the 2175 level, having tested the level three times over the past week and failing to close above it every time. This does seem to indicate that a pullback may be ready for the index in a technical sense.
If there is to be a pullback in the SPX then that 2120 level will be a key one to watch. 2120 is a strong level of support, and whether the index breaks through this or not will decide whether the index is seeing a major capitulation or not.
To read the entire report Please click on the pdf File Below