Directional Bias For The Day: S&P Futures are higher Uptrend since the low of 2430.25 at 7:30 AM on August 11; at 38.6% Fibonacci retracement Broke above a downtrend line from August 8 high Odds are for an up day – watch for break below 2447.25 for a change of fortunes No Key economic data due Markets Around The World Markets in the East closed mostly higher;…
Directional Bias For The Day: S&P Futures are higher Were lower for Asian session, early European session and most of NYSE pre-open Broke above a horizontal channel and achieved 100% extension target of 2439.25 A bounce, perhaps a dead-cat bounce, is possible Odds are for a sideways to an up day – watch for break below 2430.25 for a change of fortunes Key economic…
Directional Bias For The Day: S&P Futures are sharply lower Moving down from 242474.50, high at 4:00 PM on August 9; second leg down from high of 2469.00 at 2:30 AM; forming a bearish ABCD pattern; 100% and 161.8% extension targets met Odds are for a down day – watch for break above 2469.00 for a change of fortunes Key economic data due: PPI (-0.1% vs. 0.1% est.); Core PPI…
One Day Reversal Candlestick With Bearish Divergence Major U.S. indices closed down on Tuesday August 8 2017 after S&P 500, Dow Jones Industrial Average, NYSE Composite and Wilshire 5000 Total Market Index made all time intra-day highs. They also closed in the lower half of the day’s range. This does constitute as one-day reversal candlestick…
Directional Bias For The Day: S&P Futures are sharply lower Moving down from 2488.50, high at 12:00 PM on August 8; fresh leg down from high of 2468.00 at 3:00 AM; forming a bearish ABCD pattern with target near 2440.00 Odds are for a down day – watch for break above 2468.00 for a change of fortunes Key economic data due: Prelim Non-Far, Productivity (est. 0.7%) at…
Directional Bias For The Day: S&P Futures are lower Moving down from 2477.75, high at 4:00 AM; forming a bearish ABCD pattern Odds are for a sideways to down day – watch for break above 2477.75 for a change of fortunes Key economic data due: JOLTS Job Opening (est. 5.74M) at 10:00 AM Markets Around The World Markets in the East closed mostly lower – Shanghai…
The intermarket analysis says that it is still better to be invested in equities and bonds than in commodities and U.S. dollar. Equites and Bonds are Rising The 30-year U.S. Treasury Bonds, $USB, declined from July 2016 to March 2017 (First Panel Chart 1). It made double bottom near 147.00-146.00 level in December 2016 and…
S&P 500 Sectors Relative Strengths Two Sectors Outperforming Broader Index Two of the S&P 500 sectors, $XLK (Second Panel Chart 1) and $XLF (Fifth Panel Chart 2), are out-performing the index. $XLK is doing better than the index since April 2016 and $XLF is doing better since June 2017. $XLF outperformed S&P 500 from July 2016…
Directional Bias For The Day: S&P Futures are higher Moving down from 2477.50, high at 9:00 PM on August 6 Odds are for a sideways to an up day – watch for break below 2472.75 for a change of fortunes No Key economic data due: Markets Around The World Markets in the East closed mostly higher – Mumbai was down European markets are mixed – Germany, France, Switzerland…
Major U.S. indices are trending higher. Dow Jones Industrial Average and NASDAQ Composite are leading the overall market. Small caps mostly lagging. Relative Strength From the beginning of 2017, Dow Jones Industrial Average was performing similar to S&P 500. Since the middle of July 2017, DJIA is out-performing S&P 500 (Top Panel Chart 1). Since November 2016,…
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