{"id":54814,"date":"2020-10-12T22:23:38","date_gmt":"2020-10-13T05:23:38","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=54814"},"modified":"2020-10-12T22:23:40","modified_gmt":"2020-10-13T05:23:40","slug":"stock-bulls-add-piece-puzzle-challenges-remain","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2020\/10\/12\/stock-bulls-add-piece-puzzle-challenges-remain\/","title":{"rendered":"Stock Bulls Add A Piece of the Puzzle, Challenges Remain"},"content":{"rendered":"\n

Stock Market Commentary<\/strong><\/h2>\n\n\n\n

In my last post, I concluded that the stock market rebound made the market look “stronger than before<\/a>.” Today’s big rally went beyond the call of duty. The S&P 500 (SPY) and NASDAQ (COMPQX) showed off their increased strength by closing well above their respective upper Bollinger Bands (BBs). While its gain was smaller, the SPDRs Select Sector Financial ETF (XLF) caught my interest even by confirming a long overdue breakout above resistance at its 200-day moving average (DMA). Bulls added a piece of the puzzle by punching financials into a bullish position. <\/p>\n\n\n\n

\"The<\/a>
The SPDRs Select Sector Financial ETF (XLF) gained 1.1% and closed at a 5-week high.<\/figcaption><\/figure><\/div>\n\n\n\n

This index of financial stocks closed above its 200DMA for the first time since the stock market collapse began in late February. Today’s 1.1% gain confirmed this bullish breakout even as XLF remains short of the June high. This piece of the puzzle adds to the bullish tenor of the stock market and likely triggers more buying rules with money managers.<\/p>\n\n\n\n