S&P 500, Nasdaq Hit Record Highs: Apple, Qualcomm In Buy Range; Time To Take Some Moderna Profits? | Summary and Q&A

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December 1, 2020
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Investor's Business Daily
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S&P 500, Nasdaq Hit Record Highs: Apple, Qualcomm In Buy Range; Time To Take Some Moderna Profits?

TL;DR

The S&P 500 and Nasdaq both hit new highs, with strong performance from big tech and chip makers. Apple had a clear buy signal, while Qualcomm showed a four-week tight pattern. Moderna experienced a downside reversal with heavy volume.

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Questions & Answers

Q: How did the major indexes perform on this trading day?

The S&P 500 and Nasdaq both had a strong day, hitting new highs. The Dow lagged slightly, but still had a gain of 0.6%.

Q: What contributed to the strength in the market?

Big tech stocks and chip makers performed well, while cloud software stocks lagged. Zoom Video was a drag on software stocks.

Q: What buy signals were present for Apple?

Apple broke through a downward sloping trend line and traded above the 10-week line. It also bounced off the 10-week line, providing a potential entry point.

Q: How did Qualcomm perform and what was notable about its pattern?

Qualcomm had a good move, with a 2.8% gain and above-average turnover. It showed a four-week tight pattern, reaching an all-time closing high.

Q: What happened to Moderna's stock?

Moderna experienced a downside reversal, closing down almost 8% with heavy volume. The stock had previously shown strong gains but may face more selling pressure.

Summary & Key Takeaways

  • The S&P 500 and Nasdaq reached new highs, driven by strong performance in the technology sector and chip makers.

  • Apple saw a clear buy signal, breaking through its downward sloping trend line and trading above its 10-week line.

  • Qualcomm showed a four-week tight pattern and reached an all-time closing high, presenting a buying opportunity.

  • Moderna experienced a downside reversal, closing down almost 8% with heavy volume.

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