Stocks Extend Gains Ahead Of Inflation Data; SNPS, XPO, BX In Focus | Stock Market Today

TL;DR

The stock market rallied for the second day in a row, with the NASDAQ and S&P 500 showing strength. Tech stocks, including Synopsis and XPO, are worth watching. The market is still facing challenges and key levels of resistance.

Transcript

thank you foreign good afternoon everyone and welcome to stock market today it's Ali Corman kentre up here with a breakdown of the action in today's session Thursday September 28th where we're now working on day two of a rally attempt can and underneath the surface it does seem like there were at least a couple of compelling Price Movers yeah no do... Read More

Key Insights

• 🥳 The market is in a rally attempt for the second day, but it still faces challenges and key resistance levels.
• 👀 Tech stocks like Synopsis and XPO are showing strength and may be worth watching.
• ❓ Economic data, including inflation figures, could impact the market tomorrow.
• 😀 Small caps and the Dow are facing challenges and have work to do to reverse their downtrends.
• 😮 The rise in bond yields has been a negative factor for stocks, but there are signs of relief.
• 🛀 Energy stocks, including XLE and FedEx, are showing potential opportunities.

Questions & Answers

Q: Why did the NASDAQ rally and what levels is it still struggling to break through?

The NASDAQ rallied due to support at the 13,000 level, but it is still below its short-term moving averages, including the 50-day moving average. Breaking through these levels may face selling pressure.

Q: What economic data is expected tomorrow and how might it impact the market?

Tomorrow's personal income and spending report will include the personal consumption expenditures index, a key measure of inflation. If the inflation data shows a decline, it could bring some relief to the market.

Q: How are the major indexes like the S&P 500 and Dow performing in the current rally attempt?

The S&P 500 is testing the 4,200 level and the 200-day moving average, showing some signs of a reversal. The Dow is more challenged, still below its 200-day moving average, and facing overhead supply.

Q: How are small caps performing in the current market rally?

Small caps, represented by the Russell 2000, have faced significant damage and are currently almost three percent below the 200-day moving average. They have a lot of work to do to get back on track.

Q: How has the recent rise in bond yields impacted the market?

The rise in bond yields has been a wet blanket on the equity market in September. However, today showed a slight relief in bond yields, which could be positive for stocks if the trend continues.

Q: What stocks in the energy sector are worth watching?

XLE, the energy sector ETF, showed a fractional gain today, and individual stocks like FedEx have been performing well. It's worth watching for potential opportunities.

Q: What are the technical indicators for Synopsis (snps)?

Synopsis showed a bullish move today, with a trendline breakout and above-average volume. It is a stable earnings grower with a strong earnings growth rate, making it a potential long-term leader.

Q: How is Blackstone (BX) performing in the current market?

Blackstone pulled back to its 10-week line after a breakout, showing a relatively orderly decline with light volume. The stock is now retesting a buy area and has a strong accumulation distribution rating, making it attractive for buyers.

Summary & Key Takeaways

• The NASDAQ and S&P 500 showed strength, with the NASDAQ making a stand at the 13,000 support level and the S&P 500 testing the 4,200 round number and the 200-day moving average.

• Tech stocks to watch include Synopsis (snps), XPO (Freight transportation services), and Blackstone (Investment Management Group).

• The market is still facing challenges with resistance levels and weak breadth, but two days of rallies suggest a rally attempt is underway.