Major averages fell yesterday on lower, below-average volume. The S&P 500 is attempting to retake its 50-day moving average while the NASDAQ Composite tries to push into and hold recently-taken new high ground.
Since 2015, when a major average hits new highs, the trend has been short-lived. Indeed, new highs have acted as a ceiling of sorts as the global economic situation and the threat of higher interest rates creates the corrections while QE keeps pushing reluctant stock indices higher. The result has been a relatively flattish, choppy pattern near index highs, most clearly evident on the S&P 500.
Acacia Communications (ACIA), a Focus List stock, pulled back toward its 50-day moving average on below average volume.
Fabrinet (FN), also on our Focus List, had a pocket pivot off its 20-day moving average.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
