Investors should be cautious as markets are fragmented and increasingly vulnerable, and we could see a cooldown. I’ve singled out two opportunities bucking the trend that have upside potential in this climate — and more in today’s stock market recap.
In the stock market recap, global markets are mostly lower after the Nasdaq and S&P 500 hit record levels.
Retail sales make up two-thirds of the gross domestic product of the U.S. The consumer confidence report came out this morning with important data in terms of discretionary spending and consumer staples. Consumer confidence increased in June and is at its highest level since March 2020. Business and personal outlooks improved and consumers are looking past inflationary cautions.
The relative strength index — a technical indicator charting the historical strength of a stock or market — in the Nasdaq is at its highest level since December 2020. Only 48% of stocks are pushing the S&P 500 to record levels. Technically, the index should be trading around its 50-day moving average. These are signs of a fragmented and unstable market.
Cryoport Inc. (Nasdaq: CYRX) is a shipping solutions provider specializing in temperature-sensitive materials. CYRX is breaking out to recent highs after a period of consolidation. It’s currently trading around $67 and could test the $80 level.
CYRX has a one-year return of 126.35% and a market cap of $3 billion. It’s a Russell 2000 stock. Small-cap stocks making big moves go up 6.5 times on average compared to S&P 500 stocks.
I’ve also identified an energy company reaching oversold territory. It’s coming off a pullback and could break out soon.
In today’s video, you’ll discover whether the S&P 500 is overbought… what current relative strength index levels are telling me… whether divergence is here to stay… what momentum levels are pointing to… the top sectors to buy and which ones to avoid… and the top breakout and pullback opportunities right now.
Expert trader Adam Sarhan has spotted a major tipping point in cryptocurrencies…
We’ve all thought about the money we could’ve made in Bitcoin and other cryptos if we invested a decade ago. Can you imagine having bought Bitcoin 10 years ago for around $3.50 a coin?!
People are now reluctant to jump into crypto after the big run up we’ve seen the past few years.
But Adam believes there’s an event happening soon that will single-handedly launch a new wave of crypto riches! I can’t believe this isn’t all over the news and social media — yet!
The thing is, the more people know about this, the higher prices will go. So make sure to get in… before it’s too late!
Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.