Market Pulse on January 16th

Olivier Rigot, EMC Gestion de Fortune

1 minute de lecture

S&P 500 2616,10 +5,80.

The stock market closed slightly higher but almost at the lows of the day. Breadth is still strong with 2293 stocks advancing on the NYSE and 1282 settling lower. Internal momentum is still strong and corroborated by the tick index at the close that points out to heavy buying into the last minutes of trading, a bullish sign. According to a Bloomberg report, hedge funds managers have been buying agressively the market since the beginning of the year, putting a lot of leverage behind their bets and trying to recover last year’s losses by betting on further upside momentum. The weekly sentiment survey among individual investors puts into evidence that this category of market participants is evenly splitted between bulls, bears and neutral. Daily sentiment indicators measured in the option market are neutral to positive. Our global risk index is back to neutral and a kind of consolidation/correction may have started yesterday.

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