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Home»Business»Markets»Purchase MMM stock and Goldman Sachs stock
Markets

Purchase MMM stock and Goldman Sachs stock

News RoomBy News RoomJuly 30, 20240 ViewsNo Comments2 Mins Read
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The current market is experiencing a rolling correction, with one sector fading while another begins to rally. This bull market has seen a historic split between tech leaders and the rest of the market. Despite this, the tech correction is likely not yet complete. The open interest put/call ratio remains high, indicating that traders are still bullish, and the down moves in the S&P and NASDAQ do not appear to be finished.

However, the overall bull market remains intact. Data from a recent down day showed an excess of new highs over new lows, indicating that funds are flowing from big-cap sectors to areas that have not participated. The Cycles Research screen for the DJIA shows MMM and Goldman Sachs as top-rated stocks. MMM recently surprised with an earnings announcement, breaking out and showing signs of further price appreciation. On the other hand, Goldman Sachs is also projected to be a leader into yearend, with higher lows in weekly momentum and rising monthly relative strength since 2021.

MMM has formed a relative strength base in the daily strip and a classic buy signal in the weekly strip. The stock bottomed in line with the low in the monthly cycle, with a yearend target of $165-$180. Goldman Sachs, on the other hand, has higher lows in weekly momentum and monthly relative strength, while the monthly cycle projects a rise into November closer to $500 a share. The stock is not overbought, unlike many big-cap stocks currently in the market.

Kangen Water

Overall, the market is experiencing a shift with the ongoing tech correction and funds flowing from big-cap sectors to other areas. While the bull market remains intact, there are signs that the tech correction is not yet complete. Stocks like MMM and Goldman Sachs are projected to be leaders into yearend, with potential for further price appreciation. Investors should continue to monitor market trends and consider diversifying their portfolios to capitalize on emerging opportunities.

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