The S&P 500 (SPY) yesterday opened the trading day strong but spent the rest of the day fading to a much smaller gain. (The percentage of stocks trading above their respective 40-day moving averages (DMAs), T2108 (AT40), ended the day with an ominous loss that leaves it hanging below the 70% overbought threshold). This near day-long…
Asian shares are lower today as Japanese and Hong Kong shares show losses. The Nikkei 225 is down 0.1% while the Hang Seng is down 0.9%. The Shanghai Composite is trading down by 0.2%. Back home, India share markets are witnessing buying interest as BJP is leading Karnataka elections. The BSE Sensex is trading up by 347 points while the NSE Nifty is trading up by…
The GBP/USD found some stability on Monday but Tuesday is different with the UK jobs report and the US Retail Sales release. Where will the Pound go? The Technical Confluences Indicator shows that the GBP/USD has lots of support to the downside but not too many resistance lines to the upside. While many support lines await to the downside,…
What does it mean to be data dependent? The term immediately conjures up the image of studious Economists working their mathematics to perfectly calibrate the proper monetary policy response. It is attached to the Federal Reserve, and other central banks, but its application is much broader. Businesses are, obviously, data dependent and often in the same…
It’s time again for our weekly gasoline update based on data from the Energy Information Administration (EIA). The price of Regular and Premium were up three and ten cents, respectively, from last week. According to GasBuddy.com, California has the highest average price for Regular at $3.68 and San Francisco, CA is the most expensive city, averaging…
Tuesday’s swing-trades: Long Yandex (YNDX) Long Wayfair (W) Short Lennar (LEN)
Gold prices fell as the US Dollar returned to the offensive Monday, rebounding after a corrective pullback as expected. Traders were probably looking for an excuse to even out exposure following three days of downward retracement before Fed nominees Richard Clarida and Michelle Bowman sit for Senate confirmation hearings tomorrow. The nominal trigger for the greenback’s intraday recovery came…
For the first time in a decade, the yield on three-month treasuries exceeds that of S&P 500 dividends. The above chart is from the Financial Times article Authers’ Note: Hunting for yields is getting easier. John Authers also notes the “Dividend Aristocrats” of the S&P 500 — the stocks with the highest and most reliable dividend…
USDCAD is now in the downtrend from 1.2997, the bounce from 1.2728 is likely consolidation for the downtrend. Range trading between 1.2728 and 1.2850 would likely be seen in a couple of days. The downtrend could be expected to resume after the consolidation and a breakdown below 1.2728 support could trigger another fall towards 1.2600.
S&P 500 The S&P 500 initially tried to rally during the day on Monday but found the 2750 region to be far too resistive. We turned around to form a shooting star that of course is a negative side. However, this is a market that has recently broken down and made a “higher high”, and…
