Today's S&P 500 leaders still looking bearish

Day traders are bottom fishing on depressed stocks. But the top S&P stocks still look very bearish, which is giving swing and dividend income traders pause.

By Donald E. L. Johnson

Cautious Speculator

• Only the Nasdaq 100 ($INDX, QQQ) are staging bullish breakouts on point and figure charts for the day’s best performing stocks and ETFs.

• Strong bank rallies still leave most of their charts looking bearish.

• This looks like a day traders day.

The best gainers today in the S&P 500 index are having a nice rally, but it will be awhile before their point and figure (P&F) charts come close giving buy signals.

First Republic Bank is the best gainer in the S&P 500. It’s not shown because it is a special situation that may or not be telling the market something. Click on images and zoom in.

These are the 10 best gainers in the Dow Jones Industrials 30 index.

Only the Nasdaq 100 and QQQ are breaking out on their P&F charts.

Technical indicators don’t predict prices. They just give traders a feel for what’s been happening in the markets. No one can predict prices.

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Beware. Like all investing, trading stocks and options is risky. I’m an active private speculator who trades covered calls and sells puts on stocks for my accounts. I am not a professional analyst nor a financial advisor. I don't take and won't take responsibility for how other people trade. This article is for educational purposes only. It is not advice. The data presented looked accurate at publication time except for intra-day fluctuations, but I can’t guarantee the accuracy. Traders should do their due diligence. I reserve the right to trade any of the listed stocks and options at any time. I receive no compensation for producing this content nor for any links.