After a Strong Rally Last Week, Stocks Follow Through to the Upside on Monday - Chaikin Analytics

After a Strong Rally Last Week, Stocks Follow Through to the Upside on Monday

Syneos Health, Inc. (SYNH) has a Very Bullish Chaikin Power Gauge Rating and has been leading the SPY since November. The stock is oversold based on our indicator and Chaikin Money Flow is bullish. SYNH is above the rising long-term trend line and triggered a Relative Strength Buy signal today. Above $58.60, the stock is likely to continue to move higher.  

Pre-Market Movers

Advancers: S (65%), TMUS (8%), HAS (7%), AN (7%), DISH (6%)

Decliners: UAA (15%), MRNA (5%), LNG (4%), CCI (1%), COR (1%)

Market Commentary/Looking Ahead

US equities finished higher in Monday trading, extending last week’s gains. Technology, Consumer Discretionary and REITs outperformed. Financials and Materials and Energy underperformed. Treasuries were stronger across the curve. The dollar was stronger vs the euro but weaker vs the yen. Gold finished up 0.4%. WTI crude settled down 1.4%.

  • Outperformers: Tech +1.35%, Consumer Disc. +1.26%, REITs +1.25%, Communication Svcs. +0.84%
  • Underperformers: Energy (0.81%), Materials +0.02%, Financials +0.21%, Utilities +0.34%, Consumer Spls. +0.37%, Healthcare +0.51%, Industrials +0.56%

S&P futures are up 0.2% in early trading. Asian equities were higher overnight with Hong Kong up more than 1%. Japan was closed for holiday. European equities are higher as well. Treasuries are weaker across the curve. The dollar is stronger vs the yen and little changed on the euro cross. Gold is down 0.4%. WTI Crude is up 1.9%.

Key Levels To Watch – SPY

Last week, SPY held support in the $320 – $325 zone that we were highlighting and promptly moved higher from an oversold position. That zone remains an important area of support. Below that, the next key zone is in the area between $300 and $310  which holds the breakout level of the July – October consolidation for SPY.

Sector Power Bars

There are currently five sectors with Power Bar Ratios which are stronger than that of the SPY and are bullish. Health Care has moved to the top spot based on this metric followed by Utilities and Financials. Energy remains at the bottom of the list and has a Very Bearish Power Gauge ETF rating.

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