Not many stocks are currently up year to date and those that are show good relative strength in the face of broad selling pressure. Of the 1500 stocks that make up the S&P 500, S&P MidCap 400 and S&P Small-Cap 600, I count around 250 with year-to-date gains on Wednesday morning (3-day Rate-of-Change). That is around 16%, which means around 84% of these stocks are down year-to-date. That shows broad selling pressure. Intuitive Surgical (ISRG) is bucking the selling pressure with a 1.25% gain year-to-date and a new high in the price relative (ISRG:SPY ratio). The stock is above its rising 50-day moving average and rising 200-day moving average. Also notice that the 50-day is above the 200-day. The trend is still up on this stock.
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--Arthur Hill CMT
Plan your Trade and Trade your Plan
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