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Daily Market Update for 7/8Summary: Employment data on Friday showed a better-than-expect labor market with Payrolls far exceeding the forecast. The strong labor market opens the door for the Fed to continue its aggressive rate hikes to control inflation. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, July 8, 2022 Facts: +0.12%, Volume lower, Closing Range: 74%, Body: 63% Green Good: Higher high, higher low, good closing range Bad: Lower volume on gain Highs/Lows: Higher high, Higher low Candle: Medium green body with long upper wick, tiny lower wick Advance/Decline: 0.96, slightly more declining stocks than advancing stocks Indexes: SPX (-0.08%), DJI (-0.15%), RUT (-0.01%), VIX (-5.52%) Sector List: Health (XLV +0.30%) and Technology (XLK +0.05%) at the top. Communications (XLC -0.47%) and Materials (XLB -0.98%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Employment data on Friday showed a better-than-expect labor market with Payrolls far exceeding the forecast. The strong labor market opens the door for the Fed to continue its aggressive rate hikes to control inflation. The Nasdaq rose by +0.12% while the other major indexes fell. The candle has a 63% green body underneath a long upper wick resulting in a 74% closing range. Volume was lower than the previous day. There were slightly more declining stocks than advancing stocks. The Dow Jones Industrial Average (DJI) declined by -0.15%. The S&P 500 (SPX) fell by -0.08%. The Russell 2000 (RUT) closed the day flat, declining just -0.01%. Only three of the eleven S&P sectors gained. Health (XLV +0.30%) and Technology (XLK +0.05%) were the best two sectors for the day. Communications (XLC -0.47%) and Materials (XLB -0.98%) had the biggest losses. Nonfarm Payrolls for June grew by 372,000 compared to the consensus forecast of 268,000. The Unemployment Rate remained at 3.6%. The US Dollar Index (DXY) fell by -0.13%. US 30y, 10y, and 2y Treasury Yields rose. High Yield (HYG) Corporate Bond prices gained while Investment Grade (LQD) Corporate Bond prices followed Treasuries lower. Brent Oil rose to $105 a barrel. The VIX Volatility Index (VIX) fell by -5.52%. The put/call ratio (PCCE) rose to 0.768. The CNN Fear & Greed Index inched further from Extreme Fear, but is still in the Fear range, far from Neutral. Three of the big six mega-caps gained. Tesla (TSLA) had the best gain, advancing by +2.54%. The stock had further gains after hours as news hit that Elon Musk pulled out of the Twitter purchase. Meta (FB) had the biggest decline of the six, falling by -0.76%. Five of the six closed above their 21d EMA and 50d MA. Tesla also topped the broader mega-cap list. Alibaba (BABA) was at the bottom of that list with a -1.22% decline. Enphase Energy (ENPH) was the best stock in the Daily Update Growth List, gaining by +4.65% Friday. Twitter (TWTR) was at the bottom of the list, declining by -5.10%. Twitter moved lower after hours for the same reason Tesla moved higher. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead There are no significant economic news or earnings reports scheduled for Monday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq briefly rose above the 50d moving average but closed below the line. If the five-day trend line continues into Monday, that would mean a +2.29% gain. A continuation of the one-day trend line points to a +0.54% gain. Returning to the trend line from the 6/16 low would result in a -1.15% decline to start the week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Analysts are needing to reconsider again what actions the Fed might take considering a much stronger labor market than they initially expected. Despite news of big tech hiring freezes, payrolls grew in June as other sectors continue to hire. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 7/7Summary: Markets had a fourth day of gains for July, starting off the month green as analysts continue to judge if and when a recession will hit. Wells Fargo says the recession is already here. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Thursday, July 7, 2022 Facts: +2.28%, Volume lower, Closing Range: 90%, Body: 86% Green Good: Price rally all-day, high closing range, advance/decline ratio Bad: Lower volume Highs/Lows: Higher high, Higher low Candle: Mostly green body, tiny upper and lower wicks. Advance/Decline: 2.21, more than two advancing stocks for every declining stock Indexes: SPX (+1.50%), DJI (+1.12%), RUT (+2.43%), VIX (-2.43%) Sector List: Energy (XLE +3.61%) and Consumer Discretionary (XLY +2.58%) at the top. Real Estate (XLRE +0.07%) and Utilities (XLU -0.10%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Markets had a fourth day of gains for July, starting off the month green as analysts continue to judge if and when a recession will hit. Wells Fargo says the recession is already here. The Nasdaq climbed by +2.28% but on lower volume than the previous day. The 86% green body is in between two tiny wicks as the index closed the day with a 90% closing range. Prices rose throughout the day. There were more than two advancing stocks for every declining stock. Small caps led the day. The Russell 2000 (RUT) gained +2.43%. The S&P 500 (SPX) rose by +1.50% and the Dow Jones Industrial Average (DJI) advanced by +1.12%. Ten of the eleven S&P sectors gained. Energy (XLE +3.61%) and Consumer Discretionary (XLY +2.58%) were the top two sectors. Utilities (XLU -0.10%) was the only sector to decline. Weekly Initial Jobless Claims were at 235,000, slightly worse than the consensus forecast of 230,000. The Trade Balance for May was at -85.50 billion, worse than the expected -84.90 billion. Crude Oil Inventories were much higher than expected, with 8.2 million barrels of excess for the week compared to the expectation for a -1 million-barrel shortfall. The US Dollar index (DXY) held its current level, declining by only -0.01% today. US 30y, 10y, and 2y Treasury Yields rose for a second day. High Yield (HYG) Corporate Bond prices advanced, narrowing the gap with short-term treasuries. Investment Grade (LQD) Corporate Bond prices were flat for the day. Brent Oil rose back above $100 a barrel. The VIX Volatility index declined by -2.43%. The put/call ratio (PCCE) fell to 0.755. The CNN Fear & Greed Index moved into the Fear range. The NAAIM money manager exposure index declined to 27.85. All big six mega-caps gained today with Tesla (TSLA) leading the pack, rising by +5.53%. All six closed above their 21d EMA and four of the six closed above their 50d MA. Taiwan Semiconductor (TSM) was the best mega-cap for the day, gaining +6.74%. Verizon Communications (VZ) declined by -1.55% to end up at the bottom of the list. In the Daily Update Growth List, it was Fastly (FSLY) with the best gain, advancing by +10.13%. The only declining stock on the list was DataDog (DDOG) which fell by -0.31%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Tomorrow is the monthly employment data Friday. Nonfarm Payrolls and the Unemployment Rate are top indicators of the health of the labor market. The data will be released before the market opens. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq rose throughout the day to close just below the 50d MA. If the one-day trend line continues, that would meet up with the five-day trend line for a +1.03% gain tomorrow and a close above the 50d MA. If the index returns to the trend line from the 6/16 low, that would mean a -1.80% decline for Friday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Investors are likely looking for mediocre to worse labor market data for Friday. Worse-than-expected employment data could mean a more dovish fed in 2023 which is what institutions are pricing into the market now. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 7/6Summary: Investors' reaction to the Fed's meeting minutes from June resulted in a choppy indecisive day for the market. The US Dollar continued to climb against the Euro. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, July 6, 2022 Facts: +0.35%, Volume lower, Closing Range: 58%, Body: 12% Green Good: Higher high, higher low, good closing range Bad: Indecisive finish, advance/decline ratio Highs/Lows: Higher high, Higher low Candle: Indecisive spinning-top candle, thing green body in middle of two long wicks Advance/Decline: 0.54, almost two declining stocks for every advancing stock Indexes: SPX (+0.36%), DJI (+0.23%), RUT (-0.79%), VIX (-2.94%) Sector List: Utilities (XLU +1.04%) and Technology (XLK +0.86%) at the top. Consumer Discretionary (XLY -0.33%) and Energy (XLE -1.71%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Investors' reaction to the Fed's meeting minutes from June resulted in a choppy indecisive day for the market. The US Dollar continued to climb against the Euro. The Nasdaq rose by +0.35%, helped mostly by big tech. Volume was lower than the previous day. The candle has a thin 12% green body in the middle of equal upper and lower wicks. The candle represents a spinning top that indicates indecision in the market, a perfect way to explain today's session. There were nearly two declining stocks for every advancing stock. Small-caps pulled back with the Russell 2000 (RUT) declining by -0.79%. The S&P 500 (SPX) rose by +0.36% and the Dow Jones Industrial Average (DJI) gained +0.23%. Seven of the eleven S&P sectors gained. The defensive sector of Utilities (XLU +1.04%) was at the top, followed by the growth sector of Technology (XLK +0.86%), another representation of the mix of sentiment in the market. Consumer Discretionary (XLY -0.33%) and Energy (XLE -1.71%) were at the bottom of the sector list. Energy stocks continue to fall along with oil prices. The Services PMI for June was higher than expected. The 52.3 reading exceeded the 51.2 consensus forecast, showing more activity in Services than expected. JOLTs Job Openings were also higher than expected, coming in at 11.3 million compared to the expected 11 million. The US Dollar Index (DXY) rose another +0.52%. The last time the index was this high was in 2002. US 30y, 10y, and 2y Treasury Yields all moved higher today. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices declined. Brent Oil dropped to $98.73 per barrel. The VIX Volatility Index fell by -2.94%. The put/call ratio (PCCE) rose to 0.840. The CNN Fear & Greed index hasn't moved for a few days and is still in Extreme Fear. Of the big six mega-caps, only Tesla (TSLA) declined, falling by -0.57%. Microsoft (MSFT) had the biggest gain among the group, advancing by +1.28% and closing above its 50d MA and 21d EMA. Alphabet (GOOG) also closed above the two key moving average lines, rising by +1.16% today. Pfizer (PFE) was the top mega-cap for today, gaining +2.15%. Chevron (CVX) and Exxon Mobil (XOM) continue to be the bottom two mega-caps as the price of oil drops. They lost -1.32% and -1.80% today. The Daily Update Growth List was mostly decliners today. The best advance was by Beyond Meat (BYND) which rose by +6.03%. The biggest declines in the list were Chinese Stocks, with Futu Holdings leading the pack, declining by -11.02% today. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead We'll get more labor data tomorrow at 8:15a with the ADP Nonfarm Employment Change for June. That comes before the weekly Initial Jobless Claims at 8:30a. Imports/Exports and the Trade Balance data for May will also be published. Crude Oil Inventories will be available after the market opens. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq rose in a choppy session to close above the 21d exponential moving average line. If the one-day trend line continues into Thursday, we can expect a +1.02% gain. The five-day trend line and the trend line from the 6/16 low point to a -0.47% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The Fed minutes from June confirmed a very hawkish Fed that wants to act quickly before inflation becomes entrenched in the outlook for the public. On one hand, it means more rate hikes into 2023 are very possible. On the other hand, we can expect inflation to top at some point and start to come down. The two sentiments caused a mix of reactions today which could continue into the next Fed meeting at the end of this month. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 7/5Summary: The Euro fell sharply and Oil plunged to nearly $100 a barrel on fears of recession. Growth stocks rose as investors price in a possible reaction from the Fed to soften the landing for the economy. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, July 5, 2022 Facts: +1.75%, Volume higher, Closing Range: 100%, Body: 87% Green Good: Closing range, big green candle on higher volume Bad: Lower low, close below 21d EMA Highs/Lows: Higher high, Lower low Candle: Mostly green body with a small lower wick Advance/Decline: 1.15, more advancing stocks than declining stocks Indexes: SPX (+0.16%), DJI (-0.42%), RUT (+0.79%), VIX (+3.15%) Sector List: Communications (XLC +2.32%) and Consumer Discretionary (XLY +2.24%) at the top. Utilities (XLU -3.41%) and Energy (XLE -3.97%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The Euro fell sharply and Oil plunged to nearly $100 a barrel on fears of recession. Growth stocks rose as investors price in a possible reaction from the Fed to soften the landing for the economy. The Nasdaq rose by +1.75% with volume higher than the previous day. The closing range of 100% comes above a thick green body covering 87% of the candle. The small lower wick, formed in a dip just after open that set the daily low lower than the previous day. There were more advancing stocks than declining stocks. The results weren't as great for the other indexes. The Dow Jones Industrial Average (DJI) declined by -0.42% as defensive and cyclical stocks took a hit on the recession fears. The S&P 500 (SPX) held onto a gain of +0.16% thanks to the big six mega-caps. The Russell 2000 (RUT) rose by +0.79%. The VIX Volatility Index increased by +3.15%. Only the three growth sectors gained while the other eight S&P sectors declined. Communications (XLC +2.32%) and Consumer Discretionary (XLY +2.24%) were the top two sectors. Utilities (XLU -3.41%) and Energy (XLE -3.97%) had the worst declines. Factory Orders for May grew more than expected. Orders for the month grew by 1.6% over the previous month compared to the expectation of 0.5%. June PMI data in Europe was also higher than expected. The US Dollar Index (DXY) rose by +1.28%, mostly impacted by the Euro dropping in value. US 30Y, 10Y, and 2Y Treasury Yields declined with the 10Y yield dipping below the 2Y yield again. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices fell. Brent Oil dipped to $100 a barrel before closing the day at $101.70. Both Silver and Gold as well as the commodities all fell sharply. The put/call ratio fell to 0.766. The CNN Fear & Greed index is in Extreme Fear. All of the big six mega-caps gained today. Meta (FB) rose by +5.10%, topping the list of six, but failing to rally above its 21d EMA. Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Alphabet (GOOGL) all rose above their 21d EMA lines. Meta, Alphabet, and Amazon were the top three in the broader mega-cap list. Chevron (CVX) and Exxon Mobile (XOM) were at the bottom of the list, losing -2.63% and -3.13% in their value as the price of Oil plunged. The Daily Update Growth List was mostly green today. Peloton (PTON) had the biggest gain, rising by +14.02%. There were ten stocks on the list that rose by more than 10%. Only four stocks declined. Niu Technologies (NIU) had the worst decline, falling by -4.92%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead The Services PMI and ISM Non-Manufacturing PMI data for June will be published in the morning after the market opens. We will also get the JOLTs Job Openings for May. Those together with the Fed Meeting minutes in the afternoon will fuel more speculation on possible Fed moves beyond this month's expected 75-basis point rate hike. After the market closes, we will get the weekly API Crude Oil Stock numbers. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq started the day with a decline, but then rose throughout the day to finish just below the 21d EMA. If the one-day trend line continues into tomorrow, that would mean a +3.46% advance. The trend line from the 6/16 low points to a -0.56% decline for Wednesday. If the index returns to the 5-day trend line, that would mean a -3.04% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up It was a nice start to the short week for the Nasdaq. However, the gains in growth stocks among losses everywhere else are all based on anticipation of a more dovish Fed facing a potential recession. Meeting minutes from the last Fed meeting will be available on Wednesday which will drive more speculation in either direction. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 7/1Summary: The first day of the second half of the year saw markets rise after dipping in the morning. However defensive stocks still lead with the Utilities sector on top. Treasury yields fell throughout the week, falling again on Friday. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, July 1, 2022 Facts: +0.90%, Volume lower, Closing Range: 98%, Body: 58% Green Good: High closing range, long lower wick Bad: Lower high, volume lower on gain Highs/Lows: Lower high, Higher low Candle: Half green body above long lower wick Advance/Decline: 1.25, more advancing than declining stocks Indexes: SPX (+1.06%), DJI (+1.05%), RUT (+1.16%), VIX (+3.11%) Sector List: Utilities (XLU +2.45%) and Consumer Discretionary (XLY +1.84%) at the top. Materials (XLB +0.71%) and Technology (XLK +0.23%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The first day of the second half of the year saw markets rise after dipping in the morning. However defensive stocks still lead with the Utilities sector on top. Treasury yields fell throughout the week, falling again on Friday. The Nasdaq rose by +0.90%. Volume was much lower than the previous three days. The 58% green body sits above a long lower wick and ends with a 98% closing range for the day. There were more advancing stocks than declining stocks. The Russell 2000 (RUT) led the major indexes, gaining by +1.16%. The S&P 500 (SPX) advanced +1.06% and the Dow Jones Industrial Average (DJI) rose by +1.05%. The VIX Volatility Index was up by +3.11% All eleven S&P sectors rose. Utilities (XLU +2.45%) and Consumer Discretionary (XLY +1.84%) were the top two sectors. Materials (XLB +0.71%) and Technology (XLK +0.23%) were at the bottom of the sector list. The ISM Manufacturing PMI for June was 53.0. It was expected higher at 54.9. The US Dollar Index (DXY) rose by +0.36%. US 30y, 10y, and 2y Treasury Yields fell. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices rose. The gap between High Yield Corporate Bonds and short-term Treasury Bonds continued to widen. Brent Oil rose to $110 a barrel. The CNN Fear & Greed index is in Extreme Fear. Four of the big six mega-caps gained. Microsoft (MSFT) rose by +1.07% to close above its 21d EMA. The biggest gain of the day goes to Amazon (AMZN) which advanced by +3.15%. Meta (FB) had the biggest loss, declining by -0.76%. Amazon also topped the broader mega-cap list followed by Coca-Cola (KO) which rose by +2.34%. Taiwan Semiconductor (TSM) and Nvidia (NVDA) were at the bottom of the list, falling by -5.81% and -4.20%. The best stock in the Daily Update Growth List was Etsy (ETSY) which gained a huge +9.02%. Nvidia was at the bottom of the growth list. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Markets are closed on Monday for the Fourth of July Holiday. Tuesday will start off the week with Factory Orders data for May. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq traded below the 21d EMA for the last four days. Today's brief rally at open turned into a sell-off and then a steady gain through the rest of the day. If the index follows the one-day trend line, that would end near the trend line from the 6/16 low and result in a +1.16% gain for Tuesday. The five-day trend line points to a -3.24% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Have a wonderful Fourth of July weekend! Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/30Summary: Markets closed the worst first semester in over 50 years with another decline, falling on concerns over economic growth and corporate debt concerns. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Thursday, June 30, 2022 Facts: -1.33%, Volume higher, Closing Range: 57%, Body: 6% Red Good: Closing range above 50% Bad: Lower high, lower low, lower close, on higher volume Highs/Lows: Lower high, Lower low Candle: Spinning top candle signals indecision Advance/Decline: 0.57, almost two declining for every advancing stock Indexes: SPX (-0.88%), DJI (-0.82%), RUT (-0.66%), VIX (+1.95%) Sector List: Utilities (XLU +1.11%) and Industrials (XLI +0.31%) at the top. Consumer Discretionary (XLY -1.47%) and Energy (XLE -2.11%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Markets closed the worst first semester in over 50 years with another decline, falling on concerns over economic growth and corporate debt concerns. The Nasdaq finished lower by -1.33%. Volume was slightly higher than the previous day. The candle has a thin red body in between a long upper wick and an even longer lower wick. The candle is a spinning top that signals indecision in the market. The lower wick came during a sell-off just after the market opened. The index recovered, but not enough to regain all the losses. There were nearly two declining stocks for every advancing stock. The S&P 500 (SPX) declined by -0.88%. The Dow Jones Industrial Average (DJI) fell by -0.82%. The Russell 2000 (RUT) lost -0.66%. The VIX Volatility index rose by +1.95%. Four of the eleven S&P sectors gained mostly defensive sectors. Utilities (XLU +1.11%) and Industrials (XLI +0.31%) were the best two sectors. Consumer Discretionary (XLY -1.47%) and Energy (XLE -2.11%) were at the bottom of the list. Core PCE Price Index data grew 4.7% year-over-year and 0.3% month-over-month. That was less than the expected 4.8% and 0.4%. Personal Spending (MoM) grew by only 0.2% compared to an expectation of 0.4% and the Chicago Purchasing Managers Index also fell short, registering at 56.0 instead of the expected 58.0. So inflation may be tapering, but spending is also cooling. The US Dollar Index (DXY) fell by -0.34%. US 30y, 10y, and 2y Treasuries all declined. High Yield (HYG) Corporate Bonds continue to diverge from Treasury bond prices, signaling the concern over corporate debt. Investment Grade (LQD) Corporate Bond prices are tracking along with Treasuries. Brent Oil dropped to $108.42 a barrel. The put/call ratio (PCCE) dropped to 0.996. The CNN Fear & Greed index is in Extreme Fear. The NAAIM money manager exposure index rose to 30.66 from 19.86 the previous week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead ISM Manufacturing data will be released in the morning after the market opens, giving a heads up on economic demand. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq almost 3% after the market opened but regained some of the losses, resulting in an intra-day trend line that slopes upward. If the index returns to the trend line from the 6/16 low, that would require a +3.31% gain for Friday. The one-day trend line points to a +1.82% gain. The five-day trend line ends with a -1.51% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up It was a choppy session as investors close out the first half of the year. Economic data in the morning didn't help paint a solid picture for economic direction and investors sided on the fear side, selling growth and buying defensive stocks. Let's hope for a better second half of the year. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/29Summary: GDP for Q1 was revised lower while investors are trying to calculate what possible moves the Fed will make to combat a recession. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, June 29, 2022 Facts: -0.03%, Volume higher, Closing Range: 69%, Body: 11% Green Good: Closing range above 40% Bad: A/D ratio, lower high and low Highs/Lows: Lower high, Lower low Candle: On neck candle where close is near a previous day which was long red (continuation candle) Advance/Decline: 0.42, more than two declining stocks for every advancing stock Indexes: SPX (-0.07%), DJI (+0.27%), RUT (-1.12%), VIX (-0.71%) Sector List: Health (XLV +0.87%) and Consumer Staples (XLP +0.63%) at the top. Materials (XLB -0.72%) and Energy (XLE -3.48%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview GDP for Q1 was revised lower while investors are trying to calculate what possible moves the Fed will make to combat a recession. The Nasdaq declined by -0.03%. Volume was higher than the previous day. The on-neck candle has a thin green body that opens and closes near yesterday's close, signaling a continuation in a downtrend. The continuation will be confirmed if tomorrow's low breaks today's low. The closing range of 69% comes above a longer lower wick which formed right at the open of the market. There were more than two declining stocks for every advancing stock. The Dow Jones Industrial Average (DJI) held onto gains for the day, rising by +0.27%. The S&P 500 (SPX) fell by only -0.07% while the Russell 2000 (RUT) declined by -1.12%. The VIX Volatility Index declined by -0.71%. Five of the eleven S&P 500 sectors gained. Health (XLV +0.87%) and Consumer Staples (XLP +0.63%) led the gaining sectors. Materials (XLB -0.72%) and Energy (XLE -3.48%) had the biggest losses for the day. Energy followed Brent Oil prices lower. GDP growth for Q1 was revised to -1.6% compared to the previous calculation of -1.5%. GDP Price Index Data was also revised, rising to 8.3% from the previous measure of 8.1%. The US Dollar Index (DXY) rose by +0.59%. US 30y, 10y, and 2y Treasury Yields all moved lower. High Yield (HYG) Corporate Bond prices declined while Investment Grade (LQD) Corporate Bond prices rose. Brent Oil prices declined by -1.63% to $111.69 a barrel. The put/call ratio (PCCE) rose to 1.26. The CNN Fear & Greed index moved back into the Extreme Fear range. Four of the big six mega-caps gained today. Meta (FB) had the biggest gain of the six, advancing by +2.03%. Tesla (TSLA) and Alphabet (GOOGL) declined by -1.79% and -0.28% respectively. Meta was the top gainer in the broader mega-cap list as well. The biggest loser in the list was Exxon Mobil (XOM), which declined by -3.69%. Digital Turbine (APPS) received some positive reviews from analysts, helping it top the Daily Update Growth List by gaining +5.76%. At the bottom of the list was Lemonade (LMND) which lost -7.28% today. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Our next look at inflation comes in the morning with the release of the PCE Price Index and Personal Spending data for May. We will also get the weekly Initial Jobless Claims. The Chicago Purchasing Managers Index for Jun will be released after the market opens. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq dipped after the open but then recovered and traded in a tight range the rest of the day, closing near yesterday's close. If the index returns to the trend line from the 6/16 low, that would mean a +3.28% advance. The five-day trend line points to a +0.88% gain for Thursday. The one-day trend line is flat and points to a +0.2% gain for tomorrow. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The market continues to show uncertainty over future economic growth. More companies are beginning to scale back labor and purchases, adding more worries to the list. That's all bad news, but now it also has some analysts predicting a 2023 rate cut from the Fed to fight against recession. Although Treasury bond prices rose, Corporate junk bond prices declined, signaling a move to safe-havens. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/28Summary: Consumer Confidence data shocked investors as it hit a 16-month low and raised worries over slower economic growth. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, June 28, 2022 Facts: -2.98%, Volume higher, Closing Range: 1%, Body: 79% Red Good: Nothing Bad: Drop below 21d EMA, higher volume, closing range Highs/Lows: Lower high, Lower low Candle: Huge red body below a long upper wick Advance/Decline: 0.26, four declining stocks for every advancing stock Indexes: SPX (-2.01%), DJI (-1.56%), RUT (-1.86%), VIX (+5.23%) Sector List: Energy (XLE +2.70%) and Utilities (XLU -0.37%) at the top. Technology (XLK -3.00%) and Consumer Discretionary (XLY -3.99%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Consumer Confidence data shocked investors as it hit a 16-month low and raised worries over slower economic growth. The Nasdaq fell by -2.98% with higher volume than the previous day. The 79% red body is below a long upper wick which formed right at the open before the economic data was available. The market sold off the rest of the day, leaving the Nasdaq with a 1% closing range. There were four declining stocks for every 1 advancing stock. The S&P 500 (SPX) was the next worst-hit index, falling by -2.01%. The Russell 2000 (RUT) declined by -1.86%. The Dow Jones Industrial Average (DJI) closed the day -1.56% lower. The VIX Volatility Index rose by +5.23%. Only one of the eleven S&P 500 sectors gained. Energy (XLE) followed oil prices higher and closed up by +2.70%. The worst two sectors for today were Technology (XLK -3.00%) and Consumer Discretionary (XLY -3.99%). CB Consumer Confidence came in at 98.7, lower than the forecast of 110.4. API Weekly Crude Oil Stock showed much higher demand than expected with inventories falling by -3.799 million barrels compared to the expectation of -0.110 million barrels. The US Dollar Index (DXY) rose to +0.52%. US 30y, 10y, and 2y Treasury Yields all declined. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices moved opposite of Treasuries, declining for the day. Brent Oil rose to $113.54 a barrel. The put/call ratio ended the day at 0.810. The CNN Fear & Greed index moved back to the edge of Extreme Fear. All big six mega-caps declined. Meta (FB) had the biggest decline, falling by -5.20%. Apple (AAPL) had the smallest decline, but still lost -2.98% of its value today. Exxon Mobile (XOM) and Chevron (CVX) topped the broader mega-cap list, advancing by +2.77% and +1.61%. Nvidia (NVDA) was at the bottom of the mega-cap list, falling by -5.26%. The entire Daily Update Growth List declined today. Twitter (TWTR) held up the best, losing only -1.02% while much of the declined by more than 5%. Peloton (PTON) had the biggest decline, losing -8.62% and landing at the bottom of the growth list. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead An update on GDP numbers for Q1 will be released in the morning. Fed Chair Jerome Powell is scheduled to speak at 9:00 am. Crude Oil Inventories get a weekly update after the market opens. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq fell back below the 21d EMA. If the index would return to the trend line from the 6/16 low, that would require a +4.53% gain. The gain required to get back to the five-day trend line is only slightly better, requiring a +3.69% gain. If the one-day trend line were to continue into Wednesday, that would mean another -4.14% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Big tech and growth stocks took another hit as Consumer Confidence dips on inflation worries. The US Dollar's continued strength relative to other currencies is also a headwind for large multinationals who need to repatriate a large portion of their revenues, bringing the forecast for top line and bottom line performance down. The lower market outlook for US companies is reflected in the widening gap between Corporate bond yields and Treasury bond yields. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/27 Summary: After one of the best weekly gains of the year, the index kicked this week off with a pullback. Growth stocks led stocks lower, but small caps held onto gains for the day. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Monday, June 27, 2022 Facts: -0.72%, Volume lower, Closing Range: 20%, Body: 72% Red Good: Stay above 21d EMA, higher high, higher low, volume lower on decline Bad: Closing range Highs/Lows: Higher high, Higher low Candle: Thick red body between small upper and lower wicks Advance/Decline: 0.78, more declining than advancing stocks Indexes: SPX (-0.30%), DJI (-0.20%), RUT (+0.34%), VIX (-1.03%) Sector List: Energy (XLE +2.93%) and Utilities (XLU +0.81%) at the top. Communications (XLC -0.95%) and Consumer Discretionary (XLY -1.05%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview After one of the best weekly gains of the year, the index kicked this week off with a pullback. Growth stocks led stocks lower, but small caps held onto gains for the day. The Nasdaq declined by -0.72% after gaining +7.49% last week. Volume was much lower than Friday's 80% surge in volume. The 73% red body sits below a tiny upper wick and slightly longer lower wick. The index started the day with gains, but then moved lower, ending with a closing range of 18%. There were more declining than advancing stocks. The Russell 2000 (RUT) held onto gains for the day, advancing by +0.34%. The S&P 500 (SPX) closed -0.30% lower and the Dow Jones Industrial Average (DJI) declined by -0.20%. The VIX Volatility Index declined by -1.03%. Only three of the eleven S&P 500 sectors gained today. Energy (XLE +2.93%) and Utilities (XLU +0.81%) were the top two sectors. Communications (XLC -0.95%) and Consumer Discretionary (XLY -1.05%) had the largest declines. Durable Goods Orders in May were higher than expected, rising 0.7% month-over-month compared to the expectation of 0.1%. Pending Home Sales for May were expected to decline by -3.7% but instead rose by 0.7%. The US Dollar Index (DXY) declined by -0.17%. US 30Y, 10Y, and 2Y Treasury Yields all rose. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices declined. Brent Oil rose by +2.36% and topped $110 a barrel again after new sanctions against Russia were proposed. The put/call ratio (PCCE) rose to 0.761. The CNN Fear & Greed Index is back in the Fear range after being in Extreme Fear early last week. The NAAIM Money Manager Exposure index dropped to 19.86 last week. All big six mega-caps declined today. Of the six, only Meta (FB) is below its 21d EMA. Alphabet (GOOG) is the only of the big six above both the 21d EMA and 50d MA. Exxon Mobile (XOM) was the top mega-cap of the day, gaining by +2.45% as oil prices rose again. Amazon (AMZN) was at the bottom of the broader mega-cap list, declining by -2.78%. Most of the Daily Update Growth List declined today, but there were some gainers. RobinHood (HOOD) had the best gain, advancing by +14.00% after an upgrade by Goldman Sachs. Sea Limited (SE) was at the bottom of the growth list with a -6.74% decline today. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead CB Consumer Confidence for June will publish after the market opens. We will also get the Goods Trade Balance and Retail Inventories for May. Later in the afternoon, the API Weekly Crude Oil Stock will publish. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq rallied in the first few minutes of the market but then faded the rest of the day. The low held well above the 21d EMA. If the index returns to the five-day trend line, that would meet up with the trend line from the 6/16 low and result in a +1.92% gain for Tuesday. The one-day trend line leads to a -0.32% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up After the massive volume on Friday and the weekly gains of over 7%, it's not a huge concern if the market pulls back a bit. The low of the day is well above the low of last Friday and volume was lower as the index declined. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/17Summary: Big tech and growth stocks recovered some of the heavy losses from Thursday's selling. The bounce comes at the end of one of the worst weeks in the market since the start of the pandemic. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, June 17, 2022 Facts: +1.43%, Volume higher, Closing Range: 65%, Body: 41% Green Good: Gain on higher volume, closing range good Bad: A/D ratio, long upper wick Highs/Lows: Higher high, Higher low Candle: Small body under a longer upper wick, short lower wick Advance/Decline: 0.32, three declining for every advancing stock. Indexes: SPX (+0.22%), DJI (-0.13%), RUT (+0.96%), VIX (-5.52%) Sector List: Communications (XLC +1.43%) and Consumer Discretionary (XLY +1.09%) at the top. Utilities (XLU -0.93%) and Energy (XLE -5.47%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Big tech and growth stocks recovered some of the heavy losses from Thursday's selling. The bounce comes at the end of one of the worst weeks in the market since the start of the pandemic. The Nasdaq rose by +1.43%. Volume was at its highest since March. The rally reached the intraday high and then subdued, leaving behind a longer upper wick and a 65% closing range over a 41% green body. The gains were not broadly shared. For every advancing stock, there were three declining stocks. The Russell 2000 (RUT) gained +0.96%. The S&P 500 (SPX) climbed by just +0.22% and the Dow Jones Industrial Average (DJI) declined by -0.13%. The VIX Volatility Index fell by -5.52% but remains elevated. Only five of the S&P 500 sectors gained. Communications (XLC +1.43%) and Consumer Discretionary (XLY +1.09%) were the top gainers, while Utilities (XLU -0.93%) and Energy (XLE -5.47%) had the biggest declines. Industrial Production for May grew by only 0.2% compared to the expectation of 0.4%. The US Dollar strengthened with the index (DXY) rising by +0.82%. US30y, 10y, and 2y Treasury Yields all rose. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices rose. Brent Oil fell sharply to $111.43 a barrel. The fall in oil prices sent the Energy (XLE) sector lower. Timber, Copper, and Aluminum were all lower for the day. The put/call ratio rose to 1.24, another high reading at the close. The CNN Fear & Greed Index is in Extreme Fear. The NAAIM Money Manager Index fell to 32.18 from 50 last week. All of the big six mega-caps gained Friday. Amazon (AMZN) gained +2.47% for the day, beating the other five. Microsoft (MSFT) had the smallest gain but still rose by +1.09%. The big six topped the broader mega-cap list along with Nvidia (NVDA) which gained by +1.79% today. At the bottom of the mega-cap list were Chevron (CVX) and Exxon Mobil (XOM) which fell by -4.57% and -5.77%. Growth stocks did well today. The Daily Update Growth List has only three declining stocks. The biggest gain was by Enphase (ENPH) which rose by +8.94%. Just behind it was another new energy stock, Solar Edge (SEDG) which climbed by +8.44%. UP Fintech (TIGR) was at the bottom of the list, declining by -4.03%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Markets will be closed on Monday for the Juneteenth holiday. On Tuesday morning, we will get the Existing Home Sales data for May. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq opened with a whipsaw action in the morning before climbing to the intraday high in the early afternoon. If the one-day trend line continues into Tuesday, we can expect a +1.35%. If the index returns to the five-day trend line, that would mean a -0.75% decline. A return to the trend line from the 6/2 high would mean a -4.19% decline to start the short week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The gain on high volume is positive for the Nasdaq, but it was confined to a small percentage of stocks in the index. We need those gains to be shared more broadly across the index to build support for further improvements. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/15Summary: The Fed increased interest rates by 75 basis points as many expected after last week's inflation data. Initially, the market dipped, but then a rally came after Jerome Powel's comments following the rate hike. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, June 15, 2022 Facts: +2.50%, Volume higher, Closing Range: 62%, Body: 35% Green Good: Advance on higher volume, closing range, A/D ratio Bad: Long upper wick after buying slowed Highs/Lows: Higher high, Higher low Candle: Medium body in center of candle, longer upper wick Advance/Decline: 1.98, two advancing for every one declining stock Indexes: SPX (+1.46%), DJI (+1.00%), RUT (+1.36%), VIX (-9.39%) Sector List: Consumer Discretionary (XLY +2.81%) and Real Estate (XLRE +2.29%) at the top. Materials (XLB -0.03%) and Energy (XLE -2.21%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The Fed increased interest rates by 75 basis points as many expected after last week's inflation data. Initially, the market dipped, but then a rally came after Jerome Powel's comments following the rate hike. The Nasdaq advanced +2.50% on higher volume than the previous session. The candle has a 35% green body underneath a longer upper wick and a 62% closing range. Both the lower wick and upper wick came after the Fed's interest rate decision. The lower wick formed on the decision and the upper wick formed after public comments by Jerome Powell. There were two advancing stocks for every declining stock. The S&P 500 (SPX) was the second-best index, rising by +1.46% today. The Russell 2000 (RUT) advanced by +1.36%. The Dow Jones Industrial Average (DJI) rose by +1.00%. The VIX Volatility Index declined by -9.39%. Nine of the eleven S&P 500 sectors gained. Consumer Discretionary (XLY +2.81%) and Real Estate (XLRE +2.29%) were at the top. Materials (XLB -0.03%) and Energy (XLE -2.21%) were the two losing sectors. The decline in Energy was likely related ot the decline in Brent Oil prices. Core Retail Sales, which excludes automobiles, grew by 0.5% in May compared to the expectation of 0.8%. Including automobiles, total Retail Sales declined by -0.3% . The Export Price Index rose by 2.8% while the Import Price Index declined by -0.6%, the impact coming from the strong US Dollar. Crude Oil Inventories were higher than expected, rising by 1.96 million barrels. The forecast was for a -1.314 million barrel shortage. The US Dollar Index (DXY) declined by -0.6%. The US 30y, 10y, and 2y Treasury Yields all declined as the yield curve continues to recover from its inversion earlier this week. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices both followed Treasury bond prices higher and the spread between corporate junk bonds and short-term treasuries narrowed. Brent Oil dropped to $116 a barrel. Timber, Copper, and Aluminum prices rose after selling off sharply for several days. The put/call ratio dipped below 0.7 but then ended the day at 0.933. The CNN Fear & Greed index remained in the Extreme Fear range. All big six mega-caps gained. Tesla (TSLA) led the gains with a +5.48% advance, followed closely by Amazon (AMZN) which gained by +5.24%. All six charts showed good gains on higher volume, but there is still much work to do before showing any strength. Tesla and Amazon were also the top stocks in the broader mega-cap list, followed by Nvidia (NVDA) which gained by +4.36%. The big energy companies of Exxon Mobil (XOM) and Chevron (CVX) were at the bottom of the list, declining by -1.26% and -1.96% respectively. There were only five declining stocks on the list. All but two stocks in the Daily Update Growth List gained today. Beyond Meat (BYND) was the top stock on the list, soaring by +13.95%. Many of the top gainers in the list today were stocks that were the most beaten down in recent months. RobinHood (HOOD) was at the bottom of the list, declining by -2.49%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Building Permits and Housing Starts for May will be published tomorrow morning. We will also get the weekly Initial Jobless Claims and the Philadelphia Fed Manufacturing Index for June. Adobe (ADBE), Kroger (KR), and Jabil (JBL) will release their earnings on Thursday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq opened with a gap-up but filled the gap after the interest rate decision. The index then had a quick rally after the public statement by Jerome Powell. If the one-day trend line continued into Thursday, that would mean a +1.13% gain. The steep five-day trend line points to a -4.35% decline. The trend line from the 6/2 high is even steeper, pointing to a -6.33% decline for Thursday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Is the rally after the Fed interest rate hike good news for investors? Let's wait and see. Last month, the market rallied in the afternoon following the Fed's interest rate decision. And then it dumped for two days. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/14Summary: A wait-and-see day ended with a further dip across the market, but a bounce in technology stocks helped the Nasdaq end the day with a gain. Investors' full attention is on the Fed's rate-hike decision on Wednesday. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, June 14, 2022 Facts: +0.18%, Volume lower, Closing Range: 49%, Body: 36% Red Good: Ok closing range Bad: Lower high, lower low, A/D ratio weak Highs/Lows: Lower high, Lower low Candle: Thin red body in upper half of candle, long lower wick Advance/Decline: 0.61, three advancing for every two declining stocks Indexes: SPX (-0.38%), DJI (-0.50%), RUT (-0.39%), VIX (-3.91%) Sector List: Technology (XLK +0.63%) and Energy (XLE +0.19%) at the top. Consumer Staples (XLP -1.18%) and Utilities (XLU -2.53%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview A wait-and-see day ended with a further dip across the market, but a bounce in technology stocks helped the Nasdaq end the day with a gain. Investors' full attention is on the Fed's rate-hike decision on Wednesday. Nasdaq advanced by +0.18%. Volume was much lower than the previous day as most investors are waiting for Wednesday's Fed meeting. A 36% red body sits above a long lower wick that formed late in the session as the index dipped to a lower low before recovering some of the losses and ending with a 49% closing range. There were three declining stocks for every two advancing stocks. The other major indexes retreated further. The Dow Jones Industrial Average (DJI) declined by -0.50%. The S&P 500 (SPX) lost -0.38%. The Russell 2000 (RUT) fell by -0.39%. The VIX Volatility Index retreated from its high level the previous day, declining by -3.91% today. Two of the eleven S&P 500 sectors gained. Technology (XLK +0.63%) and Energy (XLE +0.19%) had the gains after steep declines yesterday. Consumer Staples (XLP -1.18%) and Utilities (XLU -2.53%) had the biggest declines today. Produce Price Index data didn't do much to reduce fears over inflation, but it didn't add any fuel to the fire. The Core PPI came in a 0.5% month-over-month compared to the forecast of 0.6%. Total PPI, which includes food and energy, matched the expectation of a 0.8% month-over-month increase. The US Dollar Index (DXY) continued its climb, rising by +0.26% today. The Yield curve nearly reverted from yesterday's inversion but is still at a very narrow spread. The 30y, 10y, and 2y yields all dipped and the 2y yield dropped back below the 30y yield. High Yield (HYG) Corporate Bond prices rose for the day but Investment Grade (LQD) Corporate Bond prices continued to fall. Brent Oil is back below $120 a barrel. Timber and Copper/Aluminum Futures continue to fall. The put/call ratio (PCCE) remained bearish but fell to 1.09. The CNN Fear & Greed index is in the Extreme Fear range. Four of the big six mega-caps gained. Tesla (TSLA) had the biggest gain with a +2.39% advance today. Amazon (AMZN) declined by -1.31% today. Alibaba (BABA) continues to swing up and down, finding itself at the top of the broader mega-cap list today with a +6.81% gain. Coca-Cola Company (KO) was at the bottom of the list, declining by -3.44%. The top four gaining stocks in the Daily Update Growth List were Chinese companies. NIO Technologies (NIO) topped the list with a +16.70% gain. At least half of the list advanced today. RH (RH) had the biggest loss, declining by -4.91%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Several economic indicators will publish in the morning. Retail Sales and Export/Import Price Index for May are due before the market opens. Weekly Crude Oil Inventories are due after the market opens. None of those will likely impact market direction. Investors are waiting for the Fed Interest Rate Decision which will come at 14:00. That will be followed by closely-watched remarks from Jerome Powell as he carefully lands their economic assessment and Fed strategy to control inflation without causing a recession. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq set a lower low in the afternoon before recovering enough to gain for the day. If the one-day trend line continues, it will result in a -0.13% decline for Wednesday. The trend line from the 6/2 high points to a -1.19% decline. Following the five-day trend lien would result in a -5.89% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up We wait for the Fed. Then we wait for the market reaction. Some analysts see a 75 basis point increase as a good thing that the Fed is willing to follow the data instead of a pre-determined plan. Others see such a rate hike as guaranteeing a recession. So it is not clear whether the market reaction will be good or bad to a 50 basis point increase nor whether it will be good or bad with a 75 basis point increase. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
4
Daily Market Update for 6/13Summary: Markets capitulated in grandiose style with eleven stocks declining for every advancing stock on the Nasdaq. Both stock and bond prices dropped sharply as worries about inflation grew. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Monday, June 13, 2022 Facts: -4.68%, Volume lower, Closing Range: 12%, Body: 60% Red Good: Nothing Bad: Everything Highs/Lows: Lower high, Lower low Candle: Gap down leads to thick red body and small tiny wick with low closing range Advance/Decline: 0.09, more than eleven stocks decline for every advancing stock Indexes: SPX (-3.88%), DJI (-2.79%), RUT (-4.76%), VIX (+22.59%) Sector List: Consumer Staples (XLP -2.16%) and Financials (XLF -2.98%) at the top. Real Estate (XLRE -4.81%) and Energy (XLE -5.22%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Markets capitulated in grandiose style with eleven stocks declining for every advancing stock on the Nasdaq. Both stock and bond prices dropped sharply as worries about inflation grew. The Nasdaq fell by -4.68% on higher volume than the previous trading day. The index opened with a gap-down for the second day and proceeded to sell off creating a thick red body with a short lower wick. The 60% red body is below a short upper wick created just after the opening. A tiny lower wick was left after a 12% closing range. There were more than eleven stocks that declined for every advancing stock. The Russell 2000 (RUT) did even worse, declining by -4.76%. Both the Nasdaq and the Russell 2000 are more than 30% lower than their all-time-highs. The S&P 500 (SPX) entered a bear market with a -3.88% decline today. The Dow Jones Industrial Average (DJI) fell by -2.79%. The VIX Volatility Index soared by +22.59%. All eleven S&P 500 sectors declined. Consumer Staples (XLP -2.16%) and Financials (XLF -2.98%) were the best performing but still declined by more than 2%. Real Estate (XLRE -4.81%) and Energy (XLE -5.22%) were at the bottom of the list. The US Dollar Index (DXY) made a new high, rising by +0.97% today. US 30y, 10y, and 2y Treasury Yields rose sharply as bonds sold off. The yield curve inverted once again, reflecting the poor outlook analysts have for the near-term economy. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices dumped as well and the gap between junk bonds and treasury bonds grew to its widest since 2020. The put/call ratio rose to 1.36. That's the highest closing level since March of 2020. The CNN Fear & Greed index moved back into Extreme Fear. All big six mega-caps fell. Tesla (TSLA) had the biggest loss, declining by -7.10%. Apple (AAPL) held up the best but still lost by -3.83%. None of the stocks in the broader mega-cap list gained. Coca-cola (KO) performed the best, declining only -0.11%. Alibaba (BABA) was the biggest loser, declining by -10.31% to land at the bottom of the list. Beyond Meat (BYND) topped the Daily Update Growth List, but still declined by -2.58%. Only five stocks on the list declined less than 5%. DraftKings (DKNG) had the biggest loss, declining by -15.80%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead We'll get Producer Price Index data tomorrow which is a forward-looking measure of inflation. Producers pass higher prices along to consumers. API Weekly Crude Oil stock comes in the afternoon. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq dropped below 11,000 early in the session and continued lower. This is the first close below 11,000 since October 2020. If the index returns to the downward regression trend line from the 6/2 high, that would require a +1.97% advance for tomorrow. The one-day trend line points to a -0.67% decline. Following the five-day trend line, would result in a -1.61% decline for Tuesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Ouch. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/10Summary: Inflation data came in worse than expected sending stock and bond prices falling. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, June 10, 2022 Facts: -3.52%, Volume lower, Closing Range: 5%, Body: 85% Red Good: Lower volume on decline Bad: Gap down, low closing range, advance/decline ratio Highs/Lows: Lower high, Lower low Candle: Gap down at open, mostly red body Advance/Decline: 0.18, more than five declining stocks for every advancing stock Indexes: SPX (-2.91%), DJI (-2.73%), RUT (-2.73%), VIX (+6.36%) Sector List: Consumer Staples (XLP -0.43%) and Utilities (XLU -0.77%) at the top. Technology (XLK -3.84%) and Consumer Discretionary (XLY -3.99%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Inflation data came in worse than expected sending stock and bond prices falling. The Nasdaq lost -3.52%. Volume was lower than the previous day, but the gap-down and low closing range of 5% represented a broad sell-off where five stocks declined for every advancing stock. The 85% red body left behind a small upper and lower wick. The tech-heavy Nasdaq was hit the worst. The S&P 500 (SPX) fell by -2.91%, also weighed down by the tech mega-caps. The Dow Jones Industrial Average (DJI) and Russell 2000 (RUT) both declined by -2.73%. The VIX Volatility index rose by +6.36%. All eleven S&P 500 sectors declined. The defensive sectors of ] Consumer Staples (XLP -0.43%) and Utilities (XLU -0.77%) held up the best. The growth sectors of Technology (XLK -3.84%) and Consumer Discretionary (XLY -3.99%) had the worst declines. The Core Consumer Price Index, which excludes food and gas, rose by 6.0% year-over-year. The expectation was 5.9%. Adding back in food and gas and the CPI rose 8.6% year-over-year compared to the expectation of 8.3%. Michigan Consumer Sentiment fell to 50.2, from the previous level of 58.4. The expectation was 58.0. Consumer Expectations also fell more than expected, coming in at 46.8 compared to the expectation of 54.5. The US Dollar Index (DXY) rose by +0.85%. US 30y, 10y, and 2y Treasury Yields all rose. The gap between long-term and short-term yields narrowed sharply. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices both declined, giving back all the gains over the past few weeks. Brent Oil fell to $120 a barrel. Timber (WOOD) fell to its lowest point since the end of 2020. Copper and Aluminum Futures were also sharply lower. The put/call ratio ended the day at 1.13, a bearish reading. The CNN Fear & Greed Index fell back toward Extreme Fear but ended the day in the Fear range. All big six mega-caps declined. Amazon (AMZN) had the biggest loss, declining by -5.60%. Alphabet (GOOG) had the smallest loss of the six but still declined by -3.04%. Only one mega-cap in the broader list advanced today. Walmart (WMT) closed the day with a +0.56% gain. The biggest loser on the list was Nvidia (NVDA) which declined by 5.95%. JD.com (JD) was the only stock in the Daily Update Growth List that gained on Friday. DocuSign (DOCU) fell by -24.53% after missing earnings. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead There is not much economic news scheduled for Monday. Investors will be awaiting the Fed's interest rate decision on Wednesday which is expected to by a 50 basis point increase. Oracle (ORCL) will release earnings on Monday after the closing bell. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq gapped down and then hit the daily low in the morning. A rally in the afternoon failed, resulting in a low closing range. If the index returns to the trend line from the 6/3 high, that would mean a +1.83% gain for Monday. The five-day and one-day trend lines both point to a +0.26% gain to start the week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Ouch. Inflation data was worse than expected and the worst year-over-year price increases since the early 1980s. Produce Price Index data comes out on Tuesday and that may help ease some fears if it's better than expected. But don't get your hopes up. The real influence will come on Wednesday when the Fed will need to explain how it can control inflation without putting the economy in recession. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/8Summary: Indexes finished lower on Wednesday as investors fret over a slowing economy and wait for inflation data to come later this week. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, June 8, 2022 Facts: -0.73%, Volume higher, Closing Range: 18%, Body: 33% Red Good: Higher high and higher low, support above 21d EMA Bad: Closing range, higher volume on decline Highs/Lows: Higher high, Higher low Candle: A thing red body in the bottom of candle Advance/Decline: 0.63, three declining stocks for every two advancing Indexes: SPX (-1.08%), DJI (-0.81%), RUT (-1.49%), VIX (-0.25%) Sector List: Energy (XLE +0.22%) and Communications (XLC -0.27%) at the top. Materials (XLB -2.08%) and Real Estate (XLRE -2.40%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Indexes finished lower on Wednesday as investors fret over a slowing economy and wait for inflation data to come later this week. The Nasdaq finished the day -0.73% lower after a morning rally failed. Volume was higher than the previous day. The candle has a long upper wick from the morning rally. The 33% red body sits in the lower half of the candle and results in an 18% closing range. There were three declining stocks for every two advancing stocks. The Russell 2000 (RUT) had the biggest decline for the day, falling by -1.49%. The S&P 500 (SPX) declined by -1.08% and the Dow Jones Industrial Average (DJI) retreated by -0.81%. The VIX Volatility Index declined by -0.25%. Of the eleven S&P 500 sectors, only Energy (XLE +0.22%) ended the day with gains. Materials (XLB -2.08%) and Real Estate (XLRE -2.40%) were the worst-performing indexes. Crude Oil Inventories rose by 2.025 million barrels. The forecast was for a decline of -1.917 million barrels. The 10y Treasury Note auction sent the yield on the 10y note back above 3%. The US Dollar Index (DXY) rose by +0.21%. The 30y, 10y, and 2y Treasury Yields all rose. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices dropped. Brent Oil rose back above $120, ending the day at $122.65 a barrel. The put/call ratio (PCCE) fell to 0.709. The CNN Fear & Greed index moved further toward Neutral but remained in the Fear range. Three of the big six mega-caps gained for the day. Tesla (TSLA) led the gains with a +1.25% advance. Amazon (AMZN) led the decliners, losing -1.48% today. Alibaba (BABA) soared +14.67% today, landing at the top of the mega-cap list. At the bottom of the mega-cap list was Abbot Laboratories (ABT). In the Daily Update Growth List, another Chinese stock followed Alibaba higher. NIU Technologies (NIU) gained +10.67% to land behind Alibaba on the list. At the bottom of the growth list was GrowGeneration (GRWG) which declined by -4.03%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead The weekly Initial Jobless Claims will be published at 8:30a on Thursday. Earnings Reports for Thursday include Nio (NIO), DocuSign (DOCU), and Billibili (BILI). -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq held above the 21d EMA for the past eight sessions, helping to form support at 12,000. If the index returns to the trend line from the 5/20 low, that would mean a +2.90% gain for Thursday. That's likely out of reach for tomorrow as investors would need positive inflation news on Friday for a rally. If the index continues along the five-day trend line, which is nearly flat, expect a +0.13% gain for Thursday. A continuation of today's one-day trend line would mean a -1.36% decline for tomorrow. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The indexes are forming a nice base over the past eight trading days. Tomorrow will likely continue trading within that range. If we get the right inflation data on Friday, this base could add support for a nice rally. If the opposite happens, we may return to the lows set in May. For the broader economic picture, ask five analysts and you'll get five different answers. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/7Summary: Stocks advanced on Tuesday while more analysts continue to emerge with conflicting messages over the economy. Some say a recession is already here. Others say it's yet to come. Will it be big or small? Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, June 7, 2022 Facts: +0.94%, Volume lower, Closing Range: 94%, Body: 81% Green Good: High closing range, close above 21d EMA Bad: Dip below 21d EMA on lower low, volume down on gain Highs/Lows: Lower high, Lower low Candle: Large green body, slightly longer lower wick Advance/Decline: 0.91, more declining than advancing stocks Indexes: SPX (+0.95%), DJI (+0.80%), RUT (+1.57%), VIX (-4.19%) Sector List: Energy (XLE +2.99%) and Industrials (XLI +1.34%) at the top. Consumer Staples (XLP +0.53%) and Consumer Discretionary (XLY -0.25%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Stocks advanced on Tuesday while more analysts continue to emerge with conflicting messages over the economy. Some say a recession is already here. Others say it's yet to come. Will it be big or small? The Nasdaq rose by +0.94% today. Volume was lower than the previous day. The candle has an 81% green body with a 94% closing range. The lower wick is short but formed in a morning dip after a gap-down open. The index rallied most of the day from that point, closing with the gain. There were more declining stocks than advancing stocks. Small-caps outperformed today, with the Russell 2000 (RUT) gaining +1.57%. The S&P 500 (SPX) rose by +0.95% while the Dow Jones Industrial Average (DJI) advanced by +0.80%. The VIX Volatility Index fell by -4.19%. Ten of the eleven S&P 500 sectors gained, led by Energy (XLE +2.99%) and Industrials (XLI +1.34%). Consumer Discretionary (XLY -0.25%) was the only declining sector, led lower by Target which warned of tighter margins due to the need to clear inventories. The Trade Balance for April was at -87.01b, a bit better than the forecast of 89.50b. The API Weekly Crude Oil Stock rose by 1.845m barrels. The stock was expected to dip by -1.800m barrels. The US Dollar Index (DXY) declined by -0.08%. US 30y and 10y Treasury Yields declined while the 2y Treasury Yield was flat for the day. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices rose. Brent Oil remained near, but below $120 a barrel. The put/call ratio (PCCE) fell to 0.782. The CNN Fear & Greed index is in the Fear range but moved toward Neutral. Five of the big six mega-caps gained. Amazon (AMZN) was the only one that declined, falling by -1.43% after Target's message to the market. The biggest gainer was Apple (AAPL) which rose +1.76% after yesterday's announcement of new products to hit the market. Alibaba (BABA) was the top mega-cap of the day, gaining +5.36% to end up at the top of the list. Amazon was at the bottom of the list along with only three other mega-caps that declined. All retail: Costco (COST), Home Depot (HD), and Walmart (WMT). Chinese stocks topped the Daily Update Growth list after the Chinese government removed restrictions on some games in the market. Ehang Holdings (EH) was the biggest gainer, rising by +12.18%. The biggest loser on the list was Robinhood (HOOD), which declined by -4.28%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Crude Oil Inventors will be available in the morning after the market opens. There will be a 10y Note Auction in the afternoon. Campbell Soup (CPB), Five Below (FIVE), and Lovesac (LOVE) are some of the earnings reports for Wednesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq briefly dipped below the 21d EMA after the market opened. It quickly recovered and moved back above the key moving average, rallying more in the afternoon to end the day with gains. If the index returns to the trend line from the 5/20 low, that would mean a +2.11% gain for tomorrow. The one-day trend line leads to a +1.14% advance. If the index returns to the five-day trend line, that points to a -0.51% for Wednesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up It seems every day we are getting a new message from corporate America that has a different signal about the market. Today, the message came from Target. They stated that due to an excess of inventory, they will need to increase discounts (lower prices) in order to clear shelves which will reduce margins in the coming quarter(s). Wait, reduce prices? What happened to runaway inflation? There have been plenty of analysts that predicted higher demand was driven by an increase in household inventories during the pandemic, which in turn has caused retailers to increase inventories as to not miss out on sales. That's turning out to be fairly accurate for Target and some other retailers. Demand for these products have dropped since households are no longer purchasing them and now prices need to come down to empty shelves. Of course, that's not all products and services everywhere. Oil will continue to drive transportation costs higher, which will impact prices of consumer products as well. There are still shortages such as the baby formula shortage and some staple foods. But maybe inflation is turning the corner. All eyes will be on the inflation data Friday (In yesterday's update, I incorrectly stated it would be Wednesday). Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/6Summary: Indexes faded from an early morning rally as bond yields rose sharply. Chinese stocks rose on optimism after the Chinese government said they would conclude an investigation into Didi later this week. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Monday, June 6, 2022 Facts: +0.40%, Volume higher, Closing Range: 24%, Body: 58% Red Good: Held above the 21d EMA, volume higher on advance Bad: Lost early morning rally, low closing range Highs/Lows: Higher high, Higher low Candle: Large red body in center of equal upper and lower wicks Advance/Decline: 0.72, more declining than advancing stocks Indexes: SPX (+0.31%), DJI (+0.05%), RUT (+0.36%), VIX (+1.13%) Sector List: Consumer Discretionary (XLY +1.00%) and Materials (XLB +0.95%) at the top. Energy (XLE -0.11%) and Real Estate (XLRE -0.30%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Indexes faded from an early morning rally as bond yields rose sharply. Chinese stocks rose on optimism after the Chinese government said they would conclude an investigation into Didi later this week. The Nasdaq rose by +0.40%, but couldn't hold onto the 2% early-morning gain. Volume was higher than the previous day and the index had a higher low and higher high. The 58% red body sits in the middle of the candle with short upper and lower wicks, ending with a dismal 24% closing range. There were more declining stocks than advancing stocks. The Russell 2000 (RUT) gained +0.36%. The S&P 500 (SPX) moved by +0.31% higher. The Dow Jones Industrial Average (DJI) narrowly escaped a loss, gaining only +0.05% today. The VIX Volatility Index ended the day +1.13% higher. Nine of the eleven S&P 500 sectors gained. Consumer Discretionary (XLY +1.00%) and Materials (XLB +0.95%) had the best results. Energy (XLE -0.11%) and Real Estate (XLRE -0.30%) were the two losing sectors. US 30y, 10y, and 2y Yields all rose sharply as investors anticipate interest rate hikes. That pulled the US Dollar higher as well. The US Dollar Index (DXY) ended the day with a +0.24% gain. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices moved lower tracking along with treasury prices. Brent Oil fell back below $120 a barrel. The put/call ratio ended the day lower at 0.840. The CNN Fear & Greed Index remained close to Extreme Fear, but in the Fear region. Five of the big six mega-caps held onto gains. Microsoft (MSFT) was the only one to decline for the day, falling by -0.47% and closing just a smidge below its 21d EMA. Alphabet (GOOGL) closed with the best gain, climbing by +2.14% for the day. Alibaba (BABA) topped the broader mega-cap list, outperforming along with other Chinese stocks. The stock gained +6.22% today. AstraZeneca (AZN) was at the bottom of the mega-cap list, falling by -3.32% today. Two Chinese Fintech stocks topped the Daily Update Growth List. FUTU Holdings and UP Fintech gained +18.56% and +17.44% respectively. Chewy (CHWY) was at the bottom of the list, dropping by -3.61% as it gives back some of the massive 25% post-earnings gain last week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Tomorrow morning will bring Exports, Imports, and Trade Balance data for April. The EIA Short-Term Energy Outlook will be published at mid-day. API Weekly Crude Oil Stock numbers come out after the market closes. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The index started the day with a rally, but then faded through the rest of the day. It still closed above the 21d EMA. If the index returns to the trend line from the 5/20 low, that would mean a +3.10% advance for Tuesday. If it continues along the five-day trend line, then we can expect a +0.29% gain. The one-day trend line points to a -1.79% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Indexes looked poised to start the week with an aggressive rally, but energy faded quickly as Treasury yields soared. The market is waiting for Wednesday's inflation data to determine how hawkish the Fed will be beyond next week's expected 50 bps hike. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/3Summary: An ominous mail from Elon Musk to Tesla management topped the headlines on Friday and certainly dragged down the Nasdaq. However, it was likely the stronger-than-expected Nonfarm Payrolls that caused wider spread declines. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, June 3, 2022 Facts: -2.47%, Volume lower, Closing Range: 23%, Body: 42% Red Good: Support at 21d EMA, lower volume on decline Bad: Closing Range, A/D ratio Highs/Lows: Lower high, Higher low Candle: Inside day, short body in lower half of candle Advance/Decline: 0.46, more than two declining stocks for every advancing stock Indexes: SPX (-1.63%), DJI (-1.05%), RUT (-0.77%), VIX (+2.50%) Sector List: Energy (XLE +1.32%) and Industrials (XLI -0.39%) at the top. Technology (XLK -2.39%) and Consumer Discretionary (XLY -2.92%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview An ominous mail from Elon Musk to Tesla management topped the headlines on Friday and certainly dragged down the Nasdaq. However, it was likely the stronger-than-expected Nonfarm Payrolls that caused wider spread declines. The Nasdaq declined -2.47% on lower volume than the previous day. The 23% closing range comes above a tiny lower wick that kept the index above the 21d EMA for the close. The longer upper wick is above a 42% red body. The lower high and higher low mark an inside day. There were more than two declining stocks for every advancing stock. The S&P 500 (SPX) declined by -1.63%, also impacted by the Tesla turmoil. The Dow Jones Industrial Average (DJI) declined by -1.05%. The Russell 2000 (RUT) held up well relative to the other indexes, declining only -0.77%. The VIX Volatility Index rose by +2.50%. Only one S&P 500 sector, Energy (XLE +1.32%), gained for the day. The other ten declined with the worst losses coming from Technology (XLK -2.39%) and Consumer Discretionary (XLY -2.92%). Nonfarm Payrolls rose by 390,000 in May compared to the forecast of 325,000. The strong performance in the labor market means the Fed needs to worry less about higher interest rates impacting employment. Or at least that's the theory. Services PM and ISM Non-Manufacturing PMI came in lower than expected for the month of May. The US Dollar index (DXY) rose by +0.41%. 30y, 10, and 2y Treasury Yields all rose. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices fell. Brent Oil reached $120 per barrel by the end of Friday. The put/call ratio (PCCE) rose to 0.873. The CNN Fear & Greed index moved back toward Extreme Fear but remained in the Fear range. All big six mega-caps declined. Tesla (TSLA) led the declines with a -9.22% loss after Elon Musk's leaked emails. The CEO of Tesla said he had a "super bad feeling" about the economy and would need to cut 10% of the workforce. Exxon Mobil (XOM) was the top mega-cap for the day, rising by +1.45% as oil prices soared again. Tesla was at the bottom of the mega-cap list. Only three stocks in the Daily Update Growth list advanced. Okta (OKTA) was the top gainer after a strong earnings report. Draft Kings (DKNG) fell by -10.80%, landing it at the bottom of the growth list for Friday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Futu (FUTU) will release earnings on Monday morning. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq held above the 21d EMA on an inside day. If the index returns to the trend line from the 5/20 low, that would mean a +3.47% gain on Monday. The five-day trend line points to a +0.82% gain. If the one-day trend continues, we can expect a -0.68% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Bad news was supposed to be good news on Friday. However, the bad news was supposed to be a weak jobs report, not a panicking CEO. Instead, we go a strong jobs report that means the Fed has more freedom to be hawkish in the second half of the year. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/2Summary: Sentiment turned positive once again on Thursday, but volume was lower as analysts await Friday's employment data to add to a mixed bag of good and bad economic signals this week. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, June 3, 2022 Facts: +2.69%, Volume lower, Closing Range: 99%, Body: 89% Green Good: Higher close than Friday, 99% closing range, A/D ratio Bad: Lower volume Highs/Lows: Higher high, Higher low Candle: Mostly green body with small lower wick Advance/Decline: 2.17, more than two advancing stocks for every declining stock Indexes: SPX (+1.84%), DJI (+1.33%), RUT (+2.31%), VIX (-3.78%) Sector List: Consumer Discretionary (XLY +3.06%) and Materials (XLB +2.76%) at the top. Utilities (XLU +0.67%) and Energy (XLE -0.32%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Sentiment turned positive once again on Thursday, but volume was lower as analysts await Friday's employment data to add to a mixed bag of good and bad economic signals this week. The Nasdaq rose by +2.69% and closed higher than last week's high, keeping an uptrend intact. However, the volume was lower than the previous day. The candle has an 89% green body with a small lower wick and a 99% closing range leaving behind no upper wick. There were more than two advancing stocks for every declining stock. The Russell 2000 (RUT) climbed by +2.31%. The S&P 500 (SPX) advanced +1.84%. The Dow Jones Industrial Average (DJI) ended with a +1.33% gain. The VIX Volatility Index fell by -3.78%. Ten of the eleven S&P 500 sectors ended the day with gains. Consumer Discretionary (XLY +3.06%) had the biggest advance, followed by Materials (XLB +2.76%). The only declining sector was Energy (XLE -0.32%). ADP Nonfarm Employment change for May showed jobs growing much slower than expected. The market added just 128,000 jobs compared to an expected 300,000. However, Initial Jobless Claims were lower than expected for the week. Unit Labor Costs continued to grow in Q1. The change in Crude Oil Inventories showed much higher demand than expected with the balance changing by -5m barrels compared to the forecast of -1.4m barrels. The US Dollar index (DXY) declined by -0.78%. The US 30y and 10y Treasury Yields rose while the 2y yield declined. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices both advanced. Brent Oil rose sharply to 117.33 a barrel despite dropping late on Wednesday. Copper Futures also rose sharply, gaining by +3.56% today. The put/call ratio (PCCE) declined to 0.802. The CNN Fear & Greed index is in the Fear range but continues to move toward Neutral. The NAAIM money manager exposure index rose slightly to 34.33 from 33.19 the week prior. All of the big six mega-caps gained today. Microsoft (MSFT) somehow ended the day with a gain despite dropping by -3% in the premarket after lowering Q4 guidance. Meta (FB) had the biggest gain, advancing by +5.42%. All six closed the day above their 21d EMA lines. Nvidia (NVDA) was the top mega-cap for the day, gaining 6.94%. Costco (COST) was not far behind, advancing +6.70%. Eli Lilly (LLY) was at the bottom of the mega-cap list, falling by -2.78% today. All of the stocks in the Daily Update Growth List gained today, but there were some big winners. Chewy (CHWY) topped the gains, soaring by +24.22% after beating revenue and earnings estimates. MongoDB (MDB) also beat on the top and bottom line, helping their stock rise by +18.56%. Six of the stocks in the list gained more than 10% and more than half of the list gained more than 5%. The smallest gain was by DoorDash (DASH), which advanced +1.42% today. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Tomorrow is employment data Friday. Nonfarm Payrolls and the Unemployment Rate for May will be the top metrics for the day. We'll also get the Services PMI and the ISM Non-Manufacturing PMI data for May. DocuSign (DOCU) is in a short list of earnings reports for Friday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq briefly touched the 21d EMA again in the morning, but then gained throughout the day as it headed toward the 50d MA. If the one-day trend line continues into Friday, that would result in a +3.0% gain. The trend line from the 5/20 low points to a +1.10% gain. Following the five-day trend line would result in a +0.20% gain. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The ADP Jobs data today seems like it would be bad news for the economy. But for those watching the interest rate hikes, it could mean the Fed backs down from further rates later in the year. Whether that turns out to be true is still to be written, but nonetheless is a reason for optimism in the market today. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 6/1Summary: Positive economic data stoked fears that the Fed needs to be more hawkish to slow down an overheated economy and reduce inflation. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, June 1, 2022 Facts: -0.72%, Volume lower, Closing Range: 28%, Body: 54% Red Good: Closed above the 21d EMA, lower volume on decline Bad: Lower low, closing range below 40% Highs/Lows: Higher high, Lower low Candle: Medium red body in center of candle, nearly equal upper and lower wicks Advance/Decline: 0.52, almost two declining stocks for every advancing stock Indexes: SPX (-0.75%), DJI (-0.54%), RUT (-0.49%), VIX (-1.91%) Sector List: Energy (XLE +1.63%) and Utilities (XLU -0.16%) at the top. Health (XLV -1.44%) and Financials (XLF -1.61%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Positive economic data stoked fears that the Fed needs to be more hawkish to slow down an overheated economy and reduce inflation. The Nasdaq fell by -0.72%, but on lower volume than the previous day. The 54% red body sits in the middle of the candle resulting in a 28% closing range for the day. The outside day has a higher high and a lower low. There were almost two declining stocks for every advancing stock. The S&P 500 (SPX) fell a bit more than the Nasdaq, declining by -0.75%. The Russell 2000 (RUT) declined by -0.49%. The Dow Jones Industrial Average (DJI) fell -0.54%. Despite the major indexes declining, the VIX Volatility Index dropped by -1.91%, likely helped by the mid-day market rally from the morning lows. Only one of the eleven S&P 500 sectors advanced. Energy (XLE +1.63%) is benefiting from both higher demand and higher energy prices. The worst two sectors for today were Health (XLV -1.44%) and Financials (XLF -1.61%). The ISM Manufacturing PMI for May registered at 56.1 compared to the forecast of 54.5. A seemingly bullish reading only stoked fears that economic growth was still too heated. API Weekly Crude Oil Stock showed more demand than expected with inventories changing by -1.18 million barrels. The US Dollar Index (DXY) is on the rise again, advancing by +0.75% today. US 30y, 10y, and 2y Treasury Yields all rose with shorter-term yields climbing faster than longer-term yields. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices declined. Brent Oil declined to near $115 a barrel and continued to slide after hours. Aluminum Futures declined by -2.58%, falling to their lowest point this year. The put/call ratio (PCCE) fell to 0.806. The CNN Fear & Greed index moved into the Fear range as it heads back toward neutral. Three of the big six mega-caps gained today. Amazon (AMZN) led the gains with a +1.23% advance. Meta (FB) has the biggest loss, declining by -2.58% as Sheryl Sandberg announced her departure from the company. Exxon Mobil (XOM) led the mega-cap list, rising by +1.92% as one of only nine mega-caps that ended the day with gains. At the bottom of the list was Alibaba (BABA) which declined -2.78% to just barely beat Meta for the bottom slot. There were only ten advancing stocks in the Daily Update Growth List. Datadog (DDOG) was at the top of the list, gaining +2.21% today. Digital Turbine (APPS) missed earnings estimates and plummeted by -22.61% today, ending up at the bottom of the growth list. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead To start the day tomorrow, we'll get the ADP Nonfarm Employment for May, the weekly Initial Jobless Claims, and Unit Labor Costs for Q1. Factory Orders for April and the weekly Crude Oil Inventories will arrive after the market opens. CrowdStrike (CRWD) and Lululemon Athletica (LULU) will report earnings on Thursday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq dropped slightly below the 21d EMA before recovering and closing above the key moving average today. If the index returns to the five-day trend line, that will meet up with the trend line from the 5/20 low and result in a +3.32% advance. A continuation of the one-day trend line points to a -0.57% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Although last week's rally attempt looks in danger of turning over, the rally is still alive at this point. There could be some profit-taking and repositioning after three very strong days in the market and investors are uncertain about how the Fed will respond to economic data. Or this could turn into more selling as more fear grips the market. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 5/31Summary: The sentiment was mixed on the last day of trading for the month of May with some warning that the current rally will be short-lived. The shifting sentiment caused indexes to chop up and down throughout the day. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, May 31, 2022 Facts: -0.41%, Volume higher, Closing Range: 56%, Body: 23% Red Good: Higher high, higher low Bad: Couldn't hold onto gain, decline on higher volume Highs/Lows: Higher high, Higher low Candle: Thin red body in top half of candle Advance/Decline: 0.55, almost two declining for every advancing stock Indexes: SPX (-0.63%), DJI (-0.67%), RUT (-1.26%), VIX (+1.83%) Sector List: Consumer Discretionary (XLY +0.51%) and Communications (XLC -0.07%) at the top. Energy (XLE -1.50%) and Materials (XLB -1.52%) at the bottom. Expectation: -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The sentiment was mixed on the last day of trading for the month of May with some warning that the current rally will be short-lived The shifting sentiment caused indexes to chop up and down throughout the day. The Nasdaq ended the day with a -0.41% decline. A dip in the opening minutes created a long lower wick, after which the index rallied to find a higher high than the previous day. Three late afternoon reversals resulted in a short upper wick and a thin red body in the upper half of the candle. The closing range of 56% isn't bad but nearly two stocks declined for every advancing stock and volume was much higher than the previous day. Small caps were the most volatile today, with the Russell 2000 (RUT) declining by -1.26%. The S&P 500 (SPX) declined by -0.63% and the Dow Jones Industrial Average (DJI) declined by -0.67%. The VIX Volatility Index gained by +1.83%. Only one of the eleven S&P 500 sectors gained. Consumer Discretionary (XLY +0.51%) was helped higher by better than expected Consumer Confidence. At the bottom of the sector list were Energy (XLE -1.50%) and Materials (XLB -1.52%). Consumer Confidence was lower than the previous month but higher than the forecast. It came in at 106.4 compared to an expectation of 103.9. The Chicago Purchasing Managers Index for May was also higher than expected at 60.3 compared to the forecast of 55.0. The US Dollar Index (DXY) rose by +0.41%. The 30y and 10y Treasury Yields rose while the 2y Treasury Yield declined. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices declined after sharply rising for several days. Brent Oil topped 115 again over the weekend, ending today at 115.74. The put/call ratio (PCCE) rose to 0.816. The CNN Fear & Greed index remained in Extreme Fear but is moving toward Neutral. Of the big six mega-caps, Amazon (AMZN) and Alphabet (GOOGL) ended the day with gains, holding onto a +4.40% and +1.10% advanced, respectively. Apple (AAPL) had the biggest decline of the six, losing -0.53% today. Amazon was the top overall mega-cap as well, followed by Alibaba (BABA) which gained +2.83%. At the bottom of the mega-cap list was Eli Lilly which fell by -3.10%. The top seven stocks in the Daily Update Growth List were all Chinese companies. Ehang Holdings (EH) led the gains with a +5.44% advance, getting a boost from their earnings release in the morning. At the bottom of the list was Snap Inc. (SNAP), which declined by -9.44%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead The ISM Manufacturing Employment and Purchasing Manager Index data for May will be delivered tomorrow after the market opens. We will also get the JOLTs Job Openings report for April. Two FOMC Members (Williams and Bullard) are scheduled to speak ahead of Beige Books being published in the afternoon. Williams tends to be on the more dovish side of the group while Bullard tends to be on the hawkish side. Hewlett Packard (HPE), MongoDB (MDB), NetApp (NTAP), Chewy (CHWY), and GameStop (GME) are among the earnings reports for Wednesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance In the morning dip, the index did get support at the 21d EMA. If the index returns to the five-day trend line, that would mean a big +3.68% gain for Wednesday. A more likely advance would be the one-day trend line which meets up with the trend line from the 5/20 low. That would result in a +1.70% gain. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up We have a mix of sentiment in the market right now with some seeing a bullish turn for the better while others remain bearish and see a very short timeline for the current rally. The key will be whether the indexes can hold support levels and whether leading stocks can break out and hold onto gains. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 5/27Summary: Investors continued to pile in as analysts see the Fed at its peak hawkish level and expect less aggressive moves later in the year. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, May 27, 2022 Facts: +3.33%, Volume higher, Closing Range: 100%, Body: 95% Green Good: 100% closing range, higher volume on green day Bad: Nothing Highs/Lows: Higher high, Higher low Candle: Gap up at open, mostly green body, no upper wick Advance/Decline: 2.87, almost three advancing stocks for every declining stock Indexes: SPX (+2.47%), DJI (+1.76%), RUT (+2.70%), VIX (-6.47%) Sector List: Consumer Discretionary (XLY +3.43%) and Technology (XLK +3.38%) at the top. Utilities (XLU +1.56%) and Consumer Staples (XLP +1.16%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Investors continued to pile in as analysts see the Fed at its peak hawkish level and expect less aggressive moves later in the year. The Nasdaq gained +3.33% and closed its first green week since March. Volume was higher than the previous day as the index opened with a gap up and closed with a 100% closing range. The 95% green body has a small lower wick that formed just after opening and then the index moves steadily upward the rest of the day. There were almost three advancing stocks for every declining stock. The Russell 2000 (RUT) climbed by +2.70%. The S&P 500 (SPX) advanced +2.47%. The Dow Jones Industrial Average (DJI) gained +1.76%. The VIX Volatility Index fell by -6.47%. All eleven S&P 500 (SPX) sectors gained. Growth sectors led the charge upward. Consumer Discretionary (XLY +3.43%) and Technology (XLK +3.38%) were the best two sectors. Utilities (XLU +1.56%) and Consumer Staples (XLP +1.16%) were at the bottom of the sector list. Personal Spending was higher than expected while PCE Price Index data was on par with the forecast. However, Michigan Consumer Expectations and Sentiment for May were lower than expected. The US Dollar (DXY) index continued its retreat, lowering by -0.12% on Friday. The 30y and 10y Treasury Yields declined while the 2y yield rose. High Yield (HYG) and Investment Grade Corporate Bond prices continued to climb. The gap between high yield corporate bonds and short-term treasury bonds narrowed sharply after widening throughout May. The put/call ratio (PCCE) declined to 0.706. The CNN Fear & Greed index is moving toward Neutral but is still in Extreme Fear. The big six mega-caps all had spectacular days. Tesla (TSLA) led the pack for another day, gaining +7.33%. Microsoft (MSFT) and Apple (AAPL) were able to close above their 21d EMA lines. Meta (FB) had the smallest gain but still advanced +1.83% to close just below its 21d EMA. Tesla was the top overall mega-cap as well. Alibaba (BABA) gave back some of the huge gains it had on Thursday, declining by -1.13% and ending up at the bottom of the mega-cap list. Zscaler (ZS) popped to the top of the Daily Update Growth List after beating earnings and revenue estimates. There were only two declining stocks on the list. Workday (WDAY) missed estimates in its earnings release and closed down by -5.57%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Markets are closed in the US on Monday for the Memorial Day holiday. The Chicago PMI for May will arrive on Tuesday morning followed by the CB Consumer Confidence number for May. Salesforce.com (CRM), HP Inc (HPQ), StoneCo (STNE), Digital Turbine (APPS), and Ehang (EH) will report earnings on Tuesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The index closed above the 21d EMA for the first time since April. If the one-day trend line continues, we can expect a +1.02% advance on Tuesday. If the index slows and returns to the five-day trend line or the trend line from the 5/20 low, that would mean a -0.08% decline. Not too bad. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up There are several things that are looking very good. The NAAIM money manager exposure index dropped below 40 last week while the CNN Fear & Greed index moved into Extreme Greed. Both often signal a near-term bottom is here. Then the Fed's meeting minutes this week confirmed that the Fed will frontload interest rate hikes and be less aggressive in the fall. That brought optimism for growth back into the market, evidenced by broad gains across equities and a sudden advance in corporate bond prices relative to treasuries. We finally had a positive week after a very long weekly losing streak. Let's see if optimism and confidence continue to grow and whether investors move off the sidelines and get back in the game. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 5/26Summary: Indexes rose higher on Thursday, led by retail after several companies rose their guidance for the near. That came on top of easing concerns over an over-aggressive Fed. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Thursday, May 26, 2022 Facts: +2.68%, Volume lower, Closing Range: 86%, Body: 85% Green Good: Higher high, low and close on better volume. Strong A/D ratio. Bad: Nothing Highs/Lows: Higher high, Higher low Candle: Mostly green body with a small upper wick Advance/Decline: 2.07, two advancing for every declining stock Indexes: SPX (+1.99%), DJI (+1.61%), RUT (+2.17%), VIX (-3.07%) Sector List: Consumer Discretionary (XLY +4.90%) and Communications (XLC +2.43%) at the top. Utilities (XLU +0.28%) and Real Estate (XLRE -0.11%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Indexes rose higher on Thursday, led by retail after several companies rose their guidance for the near. That came on top of easing concerns over an over-aggressive Fed. The Nasdaq closed up by +2.68% on higher volume than the previous day. The 85% green body sits above a barely visible lower wick, resulting in an 86% closing range. The small upper wick formed as a flurry of buying subsided mid-day. Still, bulls held prices higher thru the rest of the day and there were two advancing stocks for every declining stock. The Russell 2000 (RUT) was the next best index, advancing by +2.17% today. The S&P 500 (SPX) gained +1.99% and the Dow Jones Industrial Average (DJI) climbed +1.61%. The VIX Volatility index fell by -3.07%. Ten of the eleven S&P 500 sectors gained today. Consumer Discretionary (XLY +4.90%) led thanks to the positive news from retail giants. Communications (XLC +2.43%) was the second-best, followed by Technology (XLK +2.40%). Utilities (XLU +0.28%) and Real Estate (XLRE -0.11%) were at the bottom of the list. Initial Jobless Claims were lower than expected, coming in at 210,000 compared to a forecast of 215,000. That was a positive, but Pending Home Sales for April were lower than the forecast, dropping by -3.9% month-over-month compared to the forecast of -2.0%. The big news was upgraded annual guidance from Macy's, Dollar General, and Dollar Tree during their earnings reports in the morning. That sent consumer discretionary stocks soaring. The positive sentiment came on top of relief that the Fed would front-load interest rate hikes in summer and cool off in fall. The US Dollar Index (DXY) fell by -0.31%. US 30y and 10y Treasury Yields were higher while the 2y yield was lower. High Yield (HYG) Corporate Bond prices have increased sharply over the last three days. Investment Grade (LQD) Corporate Bond prices rose slightly today after a sharp increase yesterday. The spread between corporate junk bonds and short-term treasuries tightened significantly. The put/call ratio (PCCE) rose to 0.818. The CNN Fear & Greed index moved toward Neutral but remained well in the Extreme Fear zone. The NAAIM Money Manager Exposure index rose to 33.19 after dipping to 19.51 last week. A value lower than 20 often signals at least a short-term bottom in the market. All big-six mega-caps gained today. Tesla (TSLA) led the way with a +7.43% advance. Microsoft (MSFT) had the smallest gain but still climbed +1.29% on top of a good uptrend the last three days. Alibaba (BABA) was the top mega-cap for the day, soaring by +14.79% today. Only six mega-caps declined. Merck (MRK) was at the bottom of the mega-cap list with a -1.54% decline. Fastly (FSLY) topped the Daily Update Growth List (behind Alibaba which is also on the list). Fastly gained +10.85%. Snowflake (SNOW) was at the bottom of the list, declining by -4.50%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Tomorrow will bring the PCE Price Index data, another measure of inflation. Investors will be looking for any signal of a top for inflation. We will also get Person Spending and Retail Inventories for April. After the market opens, the Michigan Consumer Sentiment and Expectations data for May will be released. Pinduoduo (PDD), Big Lots (BIG), and Up Fintech (TIGR) are among some of the earnings reports for tomorrow. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The index made a move back toward the 21d EMA but fell short of crossing the line. If the one-day trend continues, that could mean a +1.96% gain for Friday and a move back above the key moving average line. If the index returns to the five-day trend line, that would mean a -0.22% decline. Given the follow-thru day today, I'm also moving the longer-term trend line to the 5/20 bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Today's move was very positive for investors. We had a solid move higher on better volume than the previous day. The gains were shared broadly across the market. The next test is for the index to close above the 21d EMA, followed by taking out a few support/resistance areas. Caution is still warranted until more charts of our favorite stocks begin to show health signals. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321