TECHNICAL ANALYSIS

Stocks seem to have trouble digesting the latest CDC issues


Indices are still up but out of the highs

The increase of 3,154 new deaths and the increase of 43,438 new cases of the CDC was a bit of a shock in what was decent news from hotspots like NY in the past few days. It makes you wonder about reporting numbers, doesn’t it?

Just by comparing figures from the CDC and another source from Johns Hopkins, the CDC was yesterday at 330,891 in total while Johns Hopkins was at 378,289. The CDC’s deaths yesterday were at 8,910, while the figures for Johns Hopkins were 11,830. Today’s CDC data caught up with Johns Hopkins data in one fell swoop (cases are now 374,329 and deaths are 12,064).

In all cases, some of the equity gains have been withdrawn. The S&P index peaked at 2,756.89. The current price is that 2715.49.

The NASDAQ index peaked at 8,146.43. It is currently at 8019.00.

As mentioned, the main indices are still higher today with the S&P up 1.96% and the NASDAQ up 1.33%. However, the CDC coronavirus data has been a bit shocking and takes away some of the gains.

ForexLive

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