Positive Follow Through Despite Mixed Earnings

US equity futures are indicating a higher open this morning ahead of a light economic calendar. Overnight, China was closed for the New Year’s holiday and Europe is firmly in the green. While futures are higher, tech is a notable laggard following poorly received results from Alphabet (GOOGL) and lowered guidance from Seagate (STX).   

After a slow start to the week Monday, investors once again started to buy stocks between the opening and closing bell as the S&P 500 finished the day up nearly 0.7% while the Nasdaq rose over a full percentage point. With the steady gains we have been seeing lately, the percentage of stocks in the S&P 500 trading at overbought levels continues to tick higher. As of yesterday’s close, a net of 51.4% of the stocks in the S&P 500 are trading at overbought levels (>1 standard deviation above 50-DMA), and that’s the highest reading since late January 2018 when the percentage reached 63.4%. Now, that was high!



Read all about it in today’s Bespoke Morning Lineup. Start a  more

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.