Global stock markets were flat today as investors await details on President Joe Biden’s $2 trillion infrastructure and economic recovery package.
The Invesco QQQ Trust Series 1 (Nasdaq: QQQ) is still trading way below its 50-day moving average, which means large-cap tech stocks are choppy, though, up about 0.6% just before the opening bell. And it’s having somewhat of an impact on the SPDR S&P 500 ETF Trust (NYSEArca: SPY), too.
The SPY would be trading much higher. However, it’s already trading above its 50-day moving average, so that tells us the congestion or downside pressure is isolated.
That’s great news for us. Here’s why…
In today’s video, I have more on when large-cap tech could begin trending… whether bonds will break down further… why small-cap stocks are weakening… which major index is leading higher… and the top four stocks ready to trade higher.
The first stock can be found in the basic Materials sector. I told you a few months back that this stock is going to rally, and it’s now up 84% the past 12 months!