Stocks Hit Resistance; Taiwan Semi, Horizon, Charles River Break Out

TL;DR

Major indexes rebounded with the Nasdaq leading the gains by 1.2%. Three stocks that showed strength and potential breakout were Semiconductor Horizon Therapeutics and Charles River Labs.

Transcript

good afternoon everyone and welcome to stock market today you have alyssa coram here and i am joined by ed carson and on this tuesday we're going to be taking a look at a couple of interesting stocks as we did see the major indexes uh continue to rebound here a little bit of resistance though ed um can you tell tell us a little bit about the stocks... Read More

Key Insights

• 🫥 The major indexes faced resistance around the 21-day line, but the Nasdaq showed strong gains, suggesting a potential breakout.
• 👶 Apple's event triggered an afternoon retreat, emphasizing the need for caution and selectivity in making new stock purchases.
• 💪 Taiwan Semiconductor showed attractive setup and strong volume, making it a tempting option for can slim traders.
• 💪 Horizon Therapeutics demonstrated strong relative strength and sales growth, increasing its potential for growth.
• 🫥 Charles River Labs rebounded from the 50-day line and showed tight action, suggesting a potential breakout.
• 👋 Diversification beyond tech stocks is advised, as there are many other good investment opportunities available.
• 🫥 Investors should monitor the market's action above the 21-day line and focus on high-quality stocks.

Questions & Answers

Q: How did the major indexes perform at the end of the session?

The Nasdaq finished up 1.2% for the day, the S&P 500 was up 0.5%, and the Dow remained roughly flat.

Q: What triggered the afternoon retreat in the market?

Apple's big event and a "buy the rumor, sell the news" sentiment caused Apple's stock to fall slightly, leading to an overall retreat in the market.

Q: What advice does the analysis give to investors making new buys?

Investors are advised to be cautious and selective, limiting new purchases to the best of the best stocks, especially given the recent change in market character.

Q: What made Taiwan Semiconductor an attractive stock for traders?

Taiwan Semiconductor showed strong setup, volume, and action with a breakout, making it an opportunity for can slim traders looking for high-quality stocks.

Q: How did Horizon Therapeutics perform and what indicates its potential for growth?

Horizon Therapeutics showed gains of about 3% and demonstrated strong relative strength with its stock hitting new highs. Its sales growth has been ramping up, making it an attractive option for investors.

Q: What are the characteristics of Charles River Labs' stock?

Charles River Labs rebounded from the 50-day line and showed tight action. Its strong relative strength, indicated by the blue dot on the chart, suggested a potential breakout.

Summary & Key Takeaways

• The major indexes showed resistance around the 21-day line, but saw a burst of buying towards the end of the session. The Nasdaq finished up 1.2% for the day, while the S&P 500 was up 0.5% and the Dow was flat.

• Apple's big event triggered an afternoon retreat, causing the market to retreat from the recent rally's ceiling. Investors are advised to be cautious and selective in making new buys.

• Taiwan Semiconductor showed strong action with a breakout and significant volume, providing an opportunity for can slim traders. Horizon Therapeutics and Charles River Labs also showed potential breakouts and strong relative strength.