The Last Week In A Nutshell
said in a statement. ” data-reactid=”21″>”A 20% quarterly gain is quite rare, but the catch is previous large quarterly gains have actually led to continued strength. In fact, a quarter later stocks have been higher the past eight times after gaining at least 15% during the previous quarter,” LPL Financial Senior Market Strategist Ryan Detrick said in a statement.
suggested Brad McMillan, chief investment officer for Commonwealth Financial Network. Even if cases rise across the nation, most of the damage will be confined to a limited number of states, he said.” data-reactid=”22″>Remember This: While the risk of a national COVID-19 coronavirus resurgence remains, a more likely outcome is that localized outbreaks appear, suggested Brad McMillan, chief investment officer for Commonwealth Financial Network. Even if cases rise across the nation, most of the damage will be confined to a limited number of states, he said.
As a result, without national lockdown measures, an economic recovery is likely to continue into next year, McMillan said.
After Tuesday’s challenge higher, the S&P retested $3,100, a high-volume area, and balanced Wednesday, building value and acceptance of $3,100 as evidenced by the responsive intraday participation.
On Thursday, the U.S. economy added greater than expected payrolls, driving prices higher at the open, before establishing excess and fading to close the gap below.
Overall, though extended, the market is at an important technical level. Breaking further into the prior low-volume resistance would point to a change in sentiment, quashing the initiative activity that drove prices lower in the first place.
Looking beyond the broad market indices, the innovation-driven, technology-based sectors are extended while relatively weak sectors, such as energy and financials, suggest bigger selling may be around the corner. For a continuation higher, buyers must step up on dips and increase participation in search of higher prices, helping ensure value follows closely behind.
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