EarningsBeats.com Digest for July 7, 2021
|
Trading Places Live!
Join Tom Bowley for a briefing on market activity on Mondays and Wednesdays from 9-9:30 am EST before the opening bell. Click here to listen live or visit our YouTube page later today to view the recorded session.
Yesterday's Recording is Now Available
Did you miss our 2021 2nd Half Market Outlook webinar yesterday? During the session, Tom Bowley, Chief Market Strategist, provided his latest analysis of various inter market relationships, determining the sustainability of the current stock market advance. In addition, Tom gave his outlook for the 11 sectors and provided a list of industry groups that he believes will lead the pack in the second half of the year.
Click below to access the recording. Enjoy!
Strengthening, But Not Quite Bullish
Polaris Inds (PII) is showing signs of reigniting its previous uptrend, but it's not quite there yet. There are plenty of bullish signals like a daily PPO that's turned positive, price action trending above its now-rising 20-day EMA, an accumulation/distribution line (AD line) that has soared over the past month, an industry group that remains in a nice uptrend, and relative strength lines that appear to be reversing their recent moves lower:
There's still some work to be done, most notably negotiating key price resistance. After PII topped in April, it came down to print what, at that time, was a higher low near 137 in late April. But after a feeble, low-volume attempt at a rebound during the first week of May, PII lost 137 price support on increasing volume. Less than one month later, PII had fallen all the way back to 122.50, testing a key area of price support between 122.50 and
125.00. Since that time, a new uptrend has begun and PII now finds itself trying to clear that 137 area. If it can do so, I'd look for further strength to test the earlier April high.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
|
|
|
