Tuesday's 90% Stock Up Day Suggests the Summer Rally Can Continue

Stock market today: Dow climbs to end January in green; Fed decision eyed

Tuesday's 90% Stock Up Day Suggests the Summer Rally Can Continue - BofA

Stock Markets Jul 20, 2022 11:27AM ET

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Tuesday's 90% Stock Up Day Suggests the Summer Rally Can Continue - BofA

By Investing.com Staff

Yesterday's 93.4% NYSE advancing stock breadth confirms that the summer rally can continue, BofA Securities technical strategist Stephen Suttmeier said.

"With 93.4% of NYSE stocks advancing on 93.8% of volume, yesterday (7/19) marked a solid 90% up day for US equities, which occurs when both the percentage of advancing stocks and up volume exceed 90%," Suttmeier said in a note to clients. "We view this bullish breadth day as a sign that the summer rebound for US equities can continue."

79 prior observations of an NYSE 90% up day show that the average 65-day return is 5.5%, while the median 65-day return is 6.58%.

So far, Suttmeier looks right, with stocks up broadly on the session Wednesday.

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WTI Trader Jul 20, 2022 11:29AM ET

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Sure it can https://media.tenor.com/images/c8f6cf240da05f46c65b46e116b50cc5/tenor.gif

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WTI Trader Jul 20, 2022 11:28AM ET

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US 30	34,024.4	-61.6	-0.18%
US 500	4,066.0	-10.6	-0.26%
Dow Jones	34,086.04	+368.95	+1.09%
S&P 500	4,076.60	+58.83	+1.46%
Nasdaq	11,584.55	+190.74	+1.67%
S&P 500 VIX	19.40	-0.54	-2.71%
Dollar Index	101.945	+0.030	+0.03%

Crude Oil WTI	79.25	+0.38	+0.48%
Brent Oil	85.75	+0.29	+0.34%
Natural Gas	2.755	+0.034	+1.25%
Gold	1,942.05	-3.25	-0.17%
Silver	23.782	-0.054	-0.23%
Copper	4.2130	-0.0100	-0.24%
US Soybeans	1,537.62	-0.38	-0.02%

U.S. 10Y	3.509	-0.020	-0.58%
U.S. 30Y	3.631	-0.030	-0.81%
U.S. 5Y	3.6189	-0.0170	-0.47%
U.S. 3M	4.7168	+0.0240	+0.51%
US 10Y T-Note	114.63	+0.11	+0.10%
Euro Bund	136.97	-0.03	-0.02%
10-2 Yield Spread	-69.83	+0.16	+-0.23%

Apple	144.29	+1.29	+0.90%
Alphabet A	98.84	+1.90	+1.96%
Tesla	173.22	+6.56	+3.94%
Amazon.com	103.13	+2.58	+2.57%
Netflix	353.86	+0.75	+0.21%
Meta Platforms	148.97	+1.91	+1.30%
Bank of America	35.48	+0.18	+0.51%

Tuesday's 90% Stock Up Day Suggests the Summer Rally Can Continue - BofA

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