In our Trend Analyzer and Chart Scanner tools, we run daily screens of things like 52-week highs and lows and Golden Crosses and Death Crosses to name a few. Looking across these screens today, there seems to be more good than bad to start off the summer. As of Friday’s close there were a total of 65 new 52 week highs all of which are shown below. Some of these are retailers like BJ’s Wholesale (BJ) and Big Lots (BIG) in addition to several Health Care names. Large-cap Tech also makes the list with names like NVIDIA (NVDA) and Shopify (SHOP). Meanwhile, there have been fewer and fewer stocks making new 52 week lows. In fact, there were only six new 52 week lows on Friday.
Not only are more stocks reaching new highs than lows but there have also been more golden crosses (when a rising 50-DMA moves above a rising 200-DMA) than death crosses (a falling 50-DMA moves below a declining 200-DMA). As of Friday’s close the only death cross across all stocks and ETFs tracked in our tools was for the inverse ETF the UltraPro Short Dow 30 (SDOW). On the other hand, there were 24 golden crosses including equities like Spotify (SPOT) and the S&P Biotech ETF (XBI). In other words, more stocks are not only reaching new highs than lows, but more stocks and ETFs are also seeing their moving averages rising than falling. Start a two-week free trial to Bespoke Institutional to access our interactive Trend Analyzer and screens.