The sharp decline in the health care sector last week caught many investors by surprise. The the failure of the stock market to hold Tuesday’s early gains is one of the factors technical analyst Tom Aspray discusses as we head into the long weekend.
Pinterest Inc. makes its initial public offering on April 18, 2019 in New York City. The health care sector did its best to disappoint investors last week. Even though United Health Care and Johnson & Johnson reported better-than-expected earnings last week, both stocks are down so far this month. UNH has been hit the hardest, down over 10% while JNJ is showing just a slight loss.
According to the American Association of Individual Investors , the Bullish% has been moving slightly above and below the long term average of 38.5%, dropping 2.7 points last week to 37.8%. The Bearish% rose 1.4 points last week to 21.8%, and is well below the long term average of 30.5%. For example, the index moved well above 100 in early December 2017 , but then at the end of January, it dropped to 52, a week before the sharp market decline in early 2018. At the end of March 2018, it dropped below 50 , and the Index was still low at the end of the month.
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