Stocks Reverse Lower From Resistance: Union Pacific, Anthem Near Buy Points; Datadog In Doghouse | Summary and Q&A

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March 3, 2022
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Investor's Business Daily
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Stocks Reverse Lower From Resistance: Union Pacific, Anthem Near Buy Points; Datadog In Doghouse

TL;DR

The stock market faced resistance as the Nasdaq and S&P 500 hit the 21-day line, with growth stocks like Datadog taking a significant hit.

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Questions & Answers

Q: Why did the stock market face resistance at the 21-day line?

The 21-day line is a significant technical level that often acts as a resistance point. The inability of the market to stay above this level suggests a lack of bullish momentum.

Q: Why did growth stocks like Datadog struggle?

Datadog and other high-priced earnings (P/E) ratio growth stocks faced selling pressure, possibly due to disappointing earnings from other companies like Snowflake. In a challenging market environment, investors tend to be cautious with high P/E stocks.

Q: What factors contributed to Union Pacific's positive performance?

Union Pacific saw a more than 1% increase and strong volume behind its move, making it the stock of the day. Factors that contributed to its positive performance include a shallow base, high relative strength, and strong performance within its group.

Q: How are health insurers like Anthem (ANTM) performing?

Anthem is following up on a strong day and attempting to break above the 470 level. Health insurers are relatively insulated from supply concerns and have shown relative strength, which is a positive sign within their industry.

Summary & Key Takeaways

  • The Nasdaq Composite finished the day down 1.6% and hit resistance at the 21-day line, mirroring the performance of other major indexes.

  • The S&P 500 also faced resistance at the 21-day line, although it did not have an outside day like the Nasdaq.

  • Highly valued growth stocks, including Datadog and Snowflake, struggled, with Datadog experiencing a notable sell-off.

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