Shrugging off Monday’s decline, stock markets climbed on Wednesday.
The Dow Jones Industrial Average (DJIA) increased +1%, while the S&P 500 gained + 1.2%. The Nasdaq Composite jumped +1.6%. Visa & Microsoft led DJIA's gains. Consumer Discretionary stocks were the leaders in the S&P 500's rise on Wednesday.
FAANGs also showed solid traction on Wednesday. Facebook, Amazon, Netflix and Alphabet shares all climbed more than 2%. Apple stock price inched up +1.9%.
Wednesday's rebound comes after the worst Christmas Eve plunge: the S&P 500 entered the bear territory on Monday. Monday’s sell-offs followed reports of Treasury Secretary Steven Mnuchin holding calls with major U.S. banks last weekend and issuing a statement saying, "The banks all confirmed ample liquidity is available for lending to consumer and business markets." While Mnuchin probably tried to assuage investor fears amidst rising volatility towards the year-end, his statement seemed to have triggered confusion or suspicion in markets leading to Monday’s steep declines.
But Wednesday’s market rise could potentially be signalling that the overall power of fundamentals of U.S. companies and the economy might not have worn off, yet.
On Tuesday, although President Donald Trump once again blamed the U.S. Federal Reserve of hiking interest rates too fast, he added that U.S. companies were "the greatest in the world" and presented a "tremendous" buying opportunity for investors.
IYY moved below its 50-day moving average on April 15, 2024 date and that indicates a change from an upward trend to a downward trend. In of 34 similar past instances, the stock price decreased further within the following month. The odds of a continued downward trend are .
The Momentum Indicator moved below the 0 level on April 04, 2024. You may want to consider selling the stock, shorting the stock, or exploring put options on IYY as a result. In of 69 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
The Moving Average Convergence Divergence Histogram (MACD) for IYY turned negative on April 01, 2024. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 49 similar instances when the indicator turned negative. In of the 49 cases the stock turned lower in the days that followed. This puts the odds of success at .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where IYY declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The RSI Indicator entered the oversold zone -- be on the watch for IYY's price rising or consolidating in the future. That's also the time to consider buying the stock or exploring call options.
The Stochastic Oscillator shows that the ticker has stayed in the oversold zone for 3 days. The price of this ticker is presumed to bounce back soon, since the longer the ticker stays in the oversold zone, the more promptly an upward trend is expected.
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where IYY advanced for three days, in of 372 cases, the price rose further within the following month. The odds of a continued upward trend are .
IYY may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The Aroon Indicator entered an Uptrend today. In of 453 cases where IYY Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Category LargeBlend