Investment bank BTIG said when screening relatively strong individual stocks that the S&P 500 index may need to “review” before continuing to advance to a higher level.
The Zhitong Finance App learned that the investment bank BTIG said when screening relatively strong individual stocks that the S&P 500 index may need to be “reviewed” before continuing to advance to a higher level.
Supported by eight consecutive trading days of gains, the S&P 500 index was less than 1% of its record high of 5264.85 in March last week.
Jonathan Krinsky, chief market technical analyst at BTIG, said on Sunday: “The bulls are still firmly in control of the market and have almost returned to their previous all-time high.” “We think some short-term consolidation will occur, which will refresh the chart and allow it to try to break through 5,300 points.”
Regarding the idea of individual stocks, BTIG screened for stocks that were close to or at a 52-week high after consolidation. “This created a timely entry point,” Krinsky said. Companies not rated include 3M (MMM.US), Avnet (AVT.US), Carrier Global (CARR.US), Squarespace (SQSP.US), and Hannon Armstrong (HASI.US). This list of relatively powerful companies doesn't include a broader topic.
The S&P 500 closed flat on Monday as investors prepared for the US inflation report to be released this week. Earlier data that exceeded expectations led to a sell-off in the April market.