The SPX midday made another new high today of 3861.45 and as the lunch hour ends it is down just 0.36% from that high. Support continues to hold around the 3845 level but there are lots of bears coming out the day after the new President’s inauguration warning markets are overvalued.
VIX Index Strategy
The VIX continues to stay above $20. It dipped to $21.15 this morning but moved back to $22 as the lunch hour ends.
Market Breadth Indicator
On New York a full 63% of all volume is being traded to the downside and 59% of all stocks are falling.
On the NASDAQ 68% of al volume heading out of the lunch hour is to the downside and 60% of all stocks are falling.
For today the close is looking more negative as stocks falling are outweighing stocks gaining. As well, those stocks leading today such as Apple (AAPL) and Home Depot Stock (HD) to mention just two are drawing in higher volumes which shows that the stocks rising after yesterday’s rally are concentrated in fewer hands which is resulting in more stocks falling.
The close still has a chance for a positive end but the outlook is slanted to the negative. Despite all the opinions to the market tumbling shortly, these remain primarily predictions and the technical indicators still point to strength in New York and the NASDAQ.
The rest of the Stock Market Outlook Midday Intraday Chart Analysis is for FullyInformed Members.
Stock Market Outlook Midday for Jan 21 2021
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