Market Overview
Stocks finish mixed amid growth concerns: After opening higher, U.S. equity indexes lost steam through the day, as manufacturing data sapped some enthusiasm over the outlook for the economy. The latest ISM manufacturing index reading showed that factory production weakened recently, driven by a drop in new orders, which prompted stocks to give up early gains amid concerns that the economy could be losing some momentum. After a see-saw trading session, the S&P 500 closed nearly flat on the day, while the Dow shed more than 100 points and the Nasdaq finished in modestly positive territory. The energy and industrials sectors were the worst performers on the day, while health care and technology stocks held up best. Interest rates moved lower in response to the report as well, with markets interpreting the weaker manufacturing output, along with data showing input prices are moderating, as a sign that waning inflation pressures could help the Fed’s cause when it comes to rate cuts later this year. The 10-year yield finished near 4.4%, having started the day near 4.5%. We’re careful not to read too much into one report, but we think this is consistent with other data that show the economy remains in good shape but is exhibiting some signs of softening after growing at an above-trend pace through 2023. We think the broader narrative of anticipated Fed-policy easing, positive but slowing economic growth, and the near-term trend in inflation remains in place as the guide for market performance as we turn the corner into the summer months.*
Market Indexes and Winners
Good Stock Set Ups
STOCK SETUP: XLV @06/03/2024
| Ticker | XLV, Health Care Select Sector SPDR | Note |
| Last Price | 144.71 | |
| Buy | 144.71 | Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options. |
| Target | 159.18 | 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 | 140.83 | |
| Reward/Risk | 3.73 : 1 |
Above is the summary of one of our Stocks Buy Setup.
More Technical Status for XLV @06/03/2024
| ATR (14) | 1.44 | Stop can be set at 1xATR below recent low |
| Beta | 0.69 | Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500 |
| RSI(14) | 56.01 | Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too |
| SMA20 | 0.58% | Distance to SMA20 |
| SMA50 | 1.35% | Distance to SMA50 |
| Recommendation | Analysts’ mean recommendation (1=Buy 5=Sell) |
Our system generated several buy signals today. XLV is one of them. Let’s take a look at this stock’s chart (The first chart below is a live chart).
STOCK SETUP: XTL @06/03/2024
| Ticker | XTL, SPDR S&P Telecom ETF | Note |
| Last Price | 77.12 | |
| Buy | 77.12 | Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options. |
| Target | 84.83 | 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 | 74.89 | |
| Reward/Risk | 3.46 : 1 |
Above is the summary of one of our Stocks Buy Setup.
More Technical Status for XTL @06/03/2024
| ATR (14) | 0.99 | Stop can be set at 1xATR below recent low |
| Beta | 0.99 | Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500 |
| RSI(14) | 70.34 | Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too |
| SMA20 | 5.14% | Distance to SMA20 |
| SMA50 | 7.63% | Distance to SMA50 |
| Recommendation | Analysts’ mean recommendation (1=Buy 5=Sell) |
Our system generated several buy signals today. XTL is one of them. Let’s take a look at this stock’s chart (The first chart below is a live chart).
