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Momentum Monday – Still A Market Of Stocks

Published 09/23/2019, 12:38 AM
Updated 07/09/2023, 06:31 AM

The charts on Momentum Monday are powered by MarketSmith

Despite the mostly negative news-stream, SPDR S&P 500 (NYSE:SPY) and Invesco QQQ Trust (NASDAQ:QQQ) continue to hover near all-time highs. Typically, the market averages are lagging individual stocks. At the beginning of a new bull market, we tend to see plenty of stocks break out ahead of the averages – these are the future momentum leaders in the making. There is a serious lack of leaders in the making currently. We continue to see mostly non-inspiring breakouts that seem to be lacking energy to move higher. I highly doubt that homebuilders, banks, and gold miners can really lead the market higher. We discuss some interesting setups in medical devices stocks and opine on the future of Netflix Inc (NASDAQ:NFLX).

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