Hello traders everywhere. As the slide to lower levels continued on Wednesday, I couldn't help but notice that these current levels looked familiar to me, so I did some investigating. I started by looking at yearly charts for the three main indexes, and it became quite clear as to why those levels looked familiar. As it stands, the S&P 500 is only 19 pts away from the opening of trading on Jan. 2, 2018 where it opened at 2,683.73, currently trading around the 2700.00 level. The DOW is only 180 pts away for it's yearly open at 24,809.35, currently trading around the 25,000 level. Meanwhile, the NASDAQ has quite a bit more room between its current trading levels at the 7,200 range and its yearly open of 6,937.65 or 332 pts. But the way it's been getting hammered lately case in point today, it won't take long for it to reach that level if the slide continues.
Does this mean that all of the record highs that we've seen this year are all for naught?
Hello traders everywhere. The stock market opened in positive territory Monday morning riding the coattails of a rising Chinese market only to slip into negative territory shortly after the open once corporate earnings started rolling in.
The Shanghai Composite Index rose more than 4% to score its best day since March 2, 2016. The quick move higher comes after Chinese authorities pledged to support China's economy and offset the negative impact of U.S. tariffs. They made that pledge after reporting weaker-than-expected economic growth for the second quarter. Despite the big daily move, Chinese stocks are still down sharply for the year. The Shanghai Composite Index has fallen about 20% in 2018 and is down over 21.4% in the last twelve months.
Some disappointing earnings reports have not helped the market's mood ahead of what is expected to be the heaviest earnings week this season. Investors are nervous about the outlook for future growth due to concerns over trade and tariff's, rising costs and other factors. Continue reading "Stocks Waver Ahead Of Earnings"→
Hello traders everywhere. It's hard to believe but as I write two of the three indexes are in positive territory for the week. Mid-week it looked like the stock market may be in rebound mode, only to fall close to the levels that we saw last week at weeks end and ultimately unable to break away from the 200-day moving average. The indexes look to be set up to retest the low levels from last week, and that could form a double bottom, much like the one we saw in April of this year.
The 200-day MA has proven to be a strong level of support this year rejecting several attempts by the market to break it, only to see the market bounce higher after each attempt. Will that trend continue?
As crazy as it might seem even with this week's volatility both the S&P 500 and DOW are looking to post weekly gains of +.2% and +.4% respectively. However, the NASDAQ isn't playing along, and it is posting its third weekly loss in a row standing at -.4%. Continue reading "Indexes Fail To Break Away From 200-Day MA"→
Hello traders everywhere. After what felt like a small positive victory on Friday has quickly subsided after we woke up this morning to news of growing global tensions with Saudi Arabia and yet another sell-off in the tech sector, a falling dollar, and treasuries.
The dollar is trading near a two-week low against its peers after U.S. retail sales disappointed in September. West Texas crude oil traded around $71 a barrel, less than a dollar away from issuing a red weekly Trade Triangle, amid tensions between Saudi Arabia and the U.S. over the disappearance of a prominent journalist and gold is headed toward its fourth advance in five days.
The DOW was in positive territory for most of the morning trading above its 200-day moving average, the only index to do so, but has slipped into negative territory this afternoon. Both the S&P 500 and NASDAQ are both trading below their 200-day moving average after opening the week in negative territory. While the NASDAQ has already triggered a new red monthly Trade Triangle the S&P 500 is holding on at the moment, but that could change if it continues to trade below the 200-day Moving Average. Continue reading "Global Tensions Add Stress To Tense Stock Market"→
Hello traders everywhere. We were due for a rebound off the lows this week, and that's just what we got on Friday at the open with the stock market posting gains over 1% at the highs across the board with technology and other high-growth stocks leading a fight back. While today's gains are an excellent way to end the week if they hold, we need to remember that overall all three indexes are still down over 4%, that marks the third biggest weekly loss this year.
The NASDAQ lost over 4.8% on the week and issuing a new red monthly Trade Triangle at 7,443.10 signaling a possible long-term short position, but surprisingly it hasn't lost the most this week. That honor belongs to the DOW which stands to lose over 5%, issuing a red weekly Trade Triangle signaling a move to the sidelines. There is still quite a bot of room to go before a red monthly Trade Triangle would appear. The S&P 500 is down 4.9%, and much like the DOW issued a new red weekly Trade Triangle signaling a move to the sidelines. Continue reading "Stocks Fight Back After Two Day Slump"→