Stock Market Rally Sees Improving Breadth; Pure Storage, Axcelis, AOSL Show Strength | Summary and Q&A

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March 17, 2022
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Investor's Business Daily
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Stock Market Rally Sees Improving Breadth; Pure Storage, Axcelis, AOSL Show Strength

TL;DR

The Nasdaq and S&P 500 saw significant gains, with improving breadth in technology stocks and other sectors.

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Key Insights

  • 🥳 The Nasdaq's rally attempt is on day three, and it is important to stay above the 21-day line.
  • 🤘 Improved breadth in the market is a positive sign for the overall market environment.
  • 👀 Pure Storage, Excellus Technology, and Alpha and Omega Semiconductor have shown relative strength and are worth watching.
  • 🙈 The weak industry group ranking is a concern for Pure Storage, but its strength cannot be ignored.
  • 😥 AOSL and ACLS have strong buy points and are demonstrating outperformance in the chip sector.
  • 🧑‍💻 Buying into strength in tech stocks should be done cautiously, starting with small positions.
  • ⚾ The weekly charts show that AOSL is in the second stage of a base, while ACLS is in the third stage.

Transcript

hey everyone welcome to stock market today it's ali corm and ken shreve here with a breakdown of the action in today's session where we saw strong gains across the board and we have some tech stocks to talk about today ken yeah i'm trying to think the last time uh we have discussed three tech stocks in uh in in one show it's been a lot of oil and g... Read More

Questions & Answers

Q: Which indexes saw strong gains in today's session?

The Nasdaq, S&P 500, and Russell 2000 all saw significant gains today.

Q: How many consecutive days has the Nasdaq closed near session highs?

The Nasdaq has closed near session highs for three consecutive days, indicating strength in the market.

Q: Which sectors showed improving breadth in today's session?

Technology, steel, miners, and oil and gas stocks all showed positive action in today's session.

Q: What are some notable tech stocks discussed in the video?

Pure Storage (PSTG), Excellus Technology (ACLs), and Alpha and Omega Semiconductor (AOSL) were discussed as strong tech stocks.

Summary & Key Takeaways

  • The Nasdaq and S&P 500 both gained over 1%, with the Russell 2000 also making strong gains.

  • The Nasdaq has closed near session highs for three consecutive days, signaling strength in the market.

  • Breadth in the market improved, with technology, steel, miners, and oil and gas stocks showing positive action.

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