The market may be trading in a tight range, but some stocks are breaking out of the sideways action to the upside, according to a closely watched technical indicator. A conflicting macroeconomic outlook and uncertainty over when to expect an end to the Federal Reserve's aggressive rate-hiking cycle has made for choppy trading in 2023, with the S & P 500 moving between a low of about 3808 X and a high of 4180 so far this year.
To root out these companies, CNBC Pro screened for stocks that closed last week above their 50-day moving average for the first time in at least a month. These are some the S & P 500 names that met the criteria. Cruise stocks dominated the list of names that punched above their 50-day averages last week. That included Royal Caribbean, which popped 15.6% for the week and closed above its 50-day moving average of $65.32.