Fears of Coronavirus Erase the the Year’s Gains; SPY Enters an Oversold Condition - Chaikin Analytics

Fears of Coronavirus Erase the the Year’s Gains; SPY Enters an Oversold Condition

The Communication Services SPDR Fund (XLC) has a Very Bullish Chaikin Power Gauge ETF Rating and continues to outperform the SPY. The fund is oversold based on our indicator and Chaikin Money Flow is bullish. XLC is above the rising long-term trend line and has price-based support near $52. The Power Bar Ratio is bullish at 6 to 1.   

Today’s Chaikin Signals – S&P 500

  • Oversold Buy: A, ABC, ADS, AES, AKAM, ALGN, AMAT, BMY, CDNS, CNC, DVA, FIS, GS, HCA, HII, HUM, INTU, IPG, IVZ, MCK, MET, MS, SIVB, SNPS, SWKS, TAP, TMUS, UNH, VNO, VRTX
  • Reversal Buy & Money Flow Buy: IBM
  • Relative Strength Buy: CHTR 
  • Relative Strength Breakout: AMZN, CMS, FOXA
  • Money Flow Sell: MLM, PG, SYY
  • Relative Strength Sell: BEN, CINF, CNP, GIS, GPS, HON, PEG, PG, SJM, STZ, TSCO
  • Relative Strength Breakdown: PCAR, WAT

Stock of the Day: Electronic Arts Inc. (EA) – Bullish Rating

Electronic Arts Inc. (EA) has a Bullish Chaikin Power Gauge Rating and has been leading the SPY since December. The stock is now oversold based on our OB / OS Indicator and Chaikin Money Flow is bullish. EA is above the rising long-term trend line and reported earnings ahead of estimates last week. Above $102, EA is likely to move higher.    

Pre-Market Movers

Advancers: CREE (14%), ENR (4%), GILD (4%), INVH (3%), NKTR (3%)

Decliners: ETRN (2%), CGNX (2%), CDW (1%), SCCO (1%), NOC (1%) 

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