07/22/2024
"Techs Lead Gains After Shock Biden Exit, But CrowdStrike Hits New Sell Signal; Microsoft In Bullish Chart Area "
The stock market today showed a bullish tilt back toward technology. In late morning trade, all but one of the Magnificent Seven megacap stocks rallied during the first 2-1/2 hours of trading following an announcement over the weekend that President Joe Biden will not run for reelection.
Small caps, however, stepped slightly back after some strong gains recently.
And CrowdStrike (CRWD) got slammed again. Its 12% bloodletting Monday sent shares below the 200-day moving average.
Continued weakness below this key technical level would mark a time to lock in gains by CrowdStrike holders. Investors should also cut losses on recently bought shares and wait for a new bullish chart setup.
While numerous Democratic senators and representatives had publicly called for Biden to step down from the race, Sunday's announcement still seemed to come as a surprise for stock investors.
Biden also gave his official endorsement of Vice President Kamala Harris, a former Senator and California's attorney general, to lead the charge in the race vs. former President Donald Trump. Harris was slated to speak on the White House lawn at 11:30 a.m. ET.
Looking at the daily moves of IBD's 197 industry groups, semiconductor equipment led the way, up 4.3%. Agricultural operations, machinery automation, fabless semiconductor, internet content and automaker stocks also bloomed with gains of 2% or more.
On the downside, soap, wholesale food, security software and integrated telecom services firms dropped 1% or more on a price-weighted basis.
#2024
