September's Shakeout: S&P 500, Nasdaq 100 See Just 13% Of Stocks Above 50-Day Average
Portfolio Pulse from Piero Cingari
The stock market has been marked by volatility in September, with the S&P 500 and Nasdaq 100 hitting yearly lows in terms of the percentage of stocks trading below their 50-day moving averages. Only 13% of stocks in the SPDR S&P 500 ETF Trust and the Nasdaq 100 are trading below the 50-day moving average. Valero Energy Corporation and Amgen, Inc. are trading approximately 7.4% above their 50-day moving averages, while Dollar General Corp. and Insulet Corporation are lagging behind. In the Invesco QQQ Trust, Amgen retains its leading position, followed by Seagen Inc.
September 27, 2023 | 4:04 pm
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POSITIVE IMPACT
Amgen, Inc. is trading approximately 7.4% above its 50-day moving average.
Trading above the 50-day moving average indicates a bullish trend for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Seagen Inc. is trading 6% above its 50-day moving average.
Trading above the 50-day moving average indicates a bullish trend for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Valero Energy Corporation is trading approximately 7.4% above its 50-day moving average.
Trading above the 50-day moving average indicates a bullish trend for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
In the Invesco QQQ Trust, Amgen retains its leading position.
Amgen's leading position in the ETF could indicate a bullish trend for the ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Dollar General Corp. is trading 27% below its 50-day moving average.
Trading below the 50-day moving average indicates a bearish trend for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Illumina, Inc. is trading 21% below its 50-day moving average.
Trading below the 50-day moving average indicates a bearish trend for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Insulet Corporation is trading 23% below its 50-day moving average.
Trading below the 50-day moving average indicates a bearish trend for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Only 13% of stocks in the SPDR S&P 500 ETF Trust are trading below the 50-day moving average.
The low percentage of stocks trading below the 50-day moving average indicates a bearish trend for the ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Walgreens Boots Alliance Inc. is trading 19% below its 50-day moving average.
Trading below the 50-day moving average indicates a bearish trend for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100