NASDAQ Is The Best Performing U.S. Index Prior to the COVID-19 induced market collapse, most major U.S. indices were making all-time highs (see Figure 1). Dow Jones Transportation Average (DJT) and S&P 500 Small Caps were two who did reach their respective highs that they made in October 2018. The February-March saw all indices to sharply…
Gold is Shining Again Gold is on the rise. There are many fundamental factors that are favoring it. The US Dollar is soft, the Coronavirus pandemic has ignited the fears of a global economic recession and the global interest rates are low. No wonder gold is trying to reclaim its previous high levels. Technical charts…
Broadening Pattern Dow Jones Industrial Average and S&P 500 are forming Broadening Pattern on weekly timeframes since January 2018. A broadening pattern is an inverse triangle bounded by two diverging trend line – one moving up and one moving down.Edwards and Magee wrote in their seminal book, Technical Analysis of Stock Trends: If the Symmetrical…
Equities Outperforming Other Asset Classes U.S. Treasury Bonds ($USB) have risen since October 2018 (see Panel 1, Chart 1) after mostly declining from a high of 176.06 in June 2016 to a low of 136.40 in October 2018. It is approaching the high, 157.94, of Q3 2017. On relative basis, $USB is under-performing the equities,…
The large cap indices – S&P 500 and Dow Jones Industrial Average (DJIA) – are in confirmed uptrend along with the tech-heavy NASADAQ Composite. Their all three timeframes – monthly, weekly and daily – are showing varying degree of uptrend and bullish chart formations. The broader market index, Wilshire 5000 Total Market Index, is also…
Directional Bias For The Day: S&P Futures are higher; The odds are for an up to sideways day – watch for a break below 3309.00 for change of sentiments Key economic data due: ADP Non-Farm Employment Change ( 167K vs. 1200K est.; prev. 4314K) at 8:15 AM Trade Balance ( -50.7B vs. -50.3B est.; prev.…
Directional Bias For The Day: S&P Futures are higher; The odds are for an up to sideways day – watch for a break below 3245.75 for change of sentiments Key economic data due: Core PCE Price Index ( 0.2% vs. 0.2% est.; prev. 0.1%) at 8:30 AM Personal Spending ( 5.6% vs. 5.3% est.; prev.…
Directional Bias For The Day: S&P Futures are lower; The odds are for a sideway to down day – watch for a break above 3247.25 for change of sentiments Key economic data due: Advanced GDP ( -32.9% vs. -34.5% est.; prev. -5.0%) at 8:30 AM Advanced GDP Price Index ( -1.8% vs. 0.0% est.; prev.…
Directional Bias For The Day: S&P Futures are higher; The odds are for a sideway day – watch for a break above 3236.50 and break below 3204.50 for clarity Key economic data due: Good Trade Balance ( -70.6B vs. -75.5B est.; prev. -74.3B) at 8:30 AM Prelim Wholesale Inventories ( -2.0% vs. -0.4% est.; prev.…
Directional Bias For The Day: S&P Futures are lower; The odds are for a down day – watch for a break above 3238.75 for change of sentiments Key economic data due: Flash Manufacturing PMI ( 52.0 est.; prev. 49.8) at 9:45 AM Flash Services PMI ( 51.0 est.; prev. 47.9 ) at 9:45 AM New…
Directional Bias For The Day: S&P Futures are lower; The odds are for a sideways to a down day – watch for a break above 3265.50 for change of sentiments Key economic data due: HPI ( 0.3% est.; prev. 0.2%) at 9:00 AM Existing Home Sales ( 4.77M est.; prev. 3.91M) at 10:00 AM Directional…
Directional Bias For The Day: S&P Futures are higher; The odds are for an up day; elevated volatility – watch for a break below 3241.00 for change of sentiments No key economic data due: Directional Bias Before Open: Weekly: Uptrend since March 23 under pressure Daily: Uptrend since March 23 resumed 120-Min: Side-Up 30-Min: Side-Up…
Directional Bias For The Day: S&P Futures are higher; The odds are for a sideways day moving within a range – watch for a break above 322.25 and break below 3190.25 for change of sentiments No key economic data due: Directional Bias Before Open: Weekly: Uptrend since March 23 under pressure Daily: Uptrend since March…
Directional Bias For The Day: S&P Futures are higher; The odds are for a sideways to an up day; elevated volatility – watch for a break below 3195.25 for change of sentiments Key economic data due: Building Permits (1.24M vs. 1.30M est.; prev. 1.22M) at 8:30 AM Housing Starts (1.19M vs. 1.17M est.; prev. 0.97M)…
Directional Bias For The Day: S&P Futures are lower; The odds are for a down to sideways day; elevated volatility – watch for a break above 3208.25 for change of sentiments Key economic data due: Core Retail Sales (7.3% vs. 5.0% est.; prev. 12.1%) at 8:30 AM Retail Sales (7.5% vs. 5.0% est.; prev. 18.2%)…