Stock Market News

BTIG’s Krinsky Keeping an Eye on the SPX 20 DMA

2022.08.22 23:21

BTIG's Krinsky Keeping an Eye on the SPX 20 DMA
BTIG’s Krinsky Keeping an Eye on the SPX 20 DMA

By Sam Boughedda

BTIG analyst Jonathan Krinsky told investors in a note Monday that while the firm is watching SPX 4,177 (its June high), they have also noted that the 20 DMA is 4,166.

“There were some buyers around that level off the open, but an inability to hold above that would be another negative ‘tell’. Note the 20 DMA hasn’t been tested since mid-July, and typically the first test does get some traction,” wrote Krinsky, the Chief Market Technician at BTIG.

“IWM has also pulled back to its rising 20 DMA (192.04) and has also responded favorably thus far. Below the surface we are seeing some early outperformance from areas like China Tech (KWEB), Biotech (XBI), and Coal names, which we highlighted in our weekly note,” he added.

Krinsky said that overall, “it’s a pretty broad distribution day with NYSE A/D line -1548 and 84% of NYSE volume in declining stocks.”

“Utilities (XLU) still look timely to us on the downside as the 20 DMA is still ~2.80% lower, and ~7.5% downside to the 50 DMA,” Krinsky concluded.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 83,932.49 0.56%
ethereum
Ethereum (ETH) $ 1,923.07 0.55%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.38 0.36%
bnb
BNB (BNB) $ 611.97 3.17%
solana
Solana (SOL) $ 135.43 1.34%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.737657 0.41%
dogecoin
Dogecoin (DOGE) $ 0.174363 1.32%
tron
TRON (TRX) $ 0.220261 1.37%
staked-ether
Lido Staked Ether (STETH) $ 1,922.48 0.78%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,783.45 0.34%
pi-network
Pi Network (PI) $ 1.56 7.18%
leo-token
LEO Token (LEO) $ 9.74 0.17%
chainlink
Chainlink (LINK) $ 13.85 0.43%
the-open-network
Toncoin (TON) $ 3.48 19.60%
stellar
Stellar (XLM) $ 0.274118 1.15%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,302.91 0.81%
usds
USDS (USDS) $ 1.00 0.01%
hedera-hashgraph
Hedera (HBAR) $ 0.191653 1.80%
avalanche-2
Avalanche (AVAX) $ 19.11 3.39%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 0.27%
sui
Sui (SUI) $ 2.33 0.40%
litecoin
Litecoin (LTC) $ 91.91 0.62%
bitcoin-cash
Bitcoin Cash (BCH) $ 338.45 2.84%
polkadot
Polkadot (DOT) $ 4.31 2.48%
mantra-dao
MANTRA (OM) $ 6.59 5.32%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
weth
WETH (WETH) $ 1,923.05 0.57%
bitget-token
Bitget Token (BGB) $ 4.44 0.46%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.09%
hyperliquid
Hyperliquid (HYPE) $ 14.00 1.16%
whitebit
WhiteBIT Coin (WBT) $ 28.82 1.28%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,043.94 0.51%
monero
Monero (XMR) $ 212.03 0.84%
uniswap
Uniswap (UNI) $ 6.18 2.47%
susds
sUSDS (SUSDS) $ 1.04 0.02%
aptos
Aptos (APT) $ 5.34 2.37%
dai
Dai (DAI) $ 0.999804 0.01%
near
NEAR Protocol (NEAR) $ 2.61 0.09%
pepe
Pepe (PEPE) $ 0.000007 0.83%
okb
OKB (OKB) $ 46.40 0.58%
internet-computer
Internet Computer (ICP) $ 5.73 1.07%
ondo-finance
Ondo (ONDO) $ 0.863403 1.23%
ethereum-classic
Ethereum Classic (ETC) $ 17.82 1.21%
mantle
Mantle (MNT) $ 0.787582 7.27%
gatechain-token
Gate (GT) $ 21.50 1.43%
aave
Aave (AAVE) $ 170.62 1.63%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,917.48 0.53%
official-trump
Official Trump (TRUMP) $ 12.05 1.88%