Market Overview
Stocks close modestly higher: After a volatile start to the week, the S&P 500 closed modestly higher on Tuesday. This comes as U.S. job openings for the month of April came in below expectations, perhaps an early indication that companies may be pulling back hiring plans. Investors are awaiting additional labor-market data this week, including the ADP private-employment report and the U.S. nonfarm-jobs report on Friday. In our view, labor-market data may show some signs of cooling but from a very strong starting position. The unemployment rate, for example, is expected to come in at a healthy 3.9% for the month of May, which has nonetheless cooled from the lows last year of 3.4%. Overall, softer economic data and some early signals of better inflation data have led to bond yields moving lower. The 10-year Treasury yield is back down to around 4.33% after reaching a recent high of about 4.7% in late April. The move lower in yields has supported better bond prices and equity-market returns, with the S&P 500 up about 6% since its April lows*.
Market Indexes and Winners
Good Stock Set Ups
STOCK SETUP: IYR @06/04/2024
| Ticker | IYR, iShares U.S. Real Estate ETF | Note |
| Last Price | 87.20 | |
| Buy | 87.20 | Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options. |
| Target | 95.92 | Default at 10%, Or Sell when close below ma5(short term)/10(midterm)/20(long term) or when big down day or when formed inverted hammer at a resistance level |
| Stop | 84.7 | |
| Reward/Risk | 3.49 : 1 |
Above is the summary of one of our Stocks Buy Setup.
More Technical Status for IYR @06/04/2024
| ATR (14) | 1.21 | Stop can be set at 1xATR below recent low |
| Beta | 1.04 | Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500 |
| RSI(14) | 56.86 | Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too |
| SMA20 | 1.10% | Distance to SMA20 |
| SMA50 | 1.82% | Distance to SMA50 |
| Recommendation | Analysts’ mean recommendation (1=Buy 5=Sell) |
Our system generated several buy signals today. IYR is one of them. Let’s take a look at this stock’s chart (The first chart below is a live chart).
