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Newyorksignals

Macro Monday 24~New York Empire State Manufacturing Index MACRO MONDAY 24 The New York Empire State Manufacturing Index Trading View Ticker: $USNYESM The New York Empire State Manufacturing Index (NYESM Index) is a month to month economic indicator that measures the general business conditions in the manufacturing sector of New York State. It is published by the Federal Reserve Bank of New York and is based on a survey of 200 executives from the largest manufacturing firms in the state of New York. The top six manufacturing states in the U.S. are California, Texas, Ohio, Illinois, Michigan, Pennsylvania and then New York. Whilst New York is only ranked the 7th largest state in terms of manufacturing jobs, the state is strong in pharmaceutical manufacturing, printing and publishing, and electronics, with some of the top tier manufacturing companies including big names such as Pfizer, IBM, Lockheed Martin and L3Harris Technologies. Total output from manufacturing in New York was $75.24 billion in 2021. In comparison total output from manufacturing by the largest manufacturing state in the US - California was $394.83 billion in 2021, magnitudes larger than New York. So whilst the New York Manufacturing Index holds some weight in terms of its reputation, location and large well known firms, it is a smaller index and it should be considered in combination with other indexes/metrics to assess the broader economic picture. How to Read the Index As with many of the survey led indexes, it is a diffusion index that oscillates above and below the 0 level. Above 0 suggests manufacturing activity is expanding, below zero means manufacturing activity is contracting. The Chart In today’s chart will also attempt to see how good the NYESM Index has been at predicting general market performance/direction using the S&P500 CBOE:SPX as a market gauge: 1. One of the main findings on the chart is that 7 out of the 8 times the NYESI fell below 0 for longer than 2 months (shaded areas) the S&P500 moved lower or did not increase in price. - This suggests that in the event the NYESM Index falls below 0 for greater than 2 months there is a higher probability that market performance will be impaired. 2. The one time the S&P500 increased whilst the NYESM Index was below 0 for greater than 2 months was from July 2022 to present. - The index during this period was very volatile jumping briefly above the 0 level before falling under it again (see the red box). It is the only time in history that this occurred on the index. One could compare it to a sector gasping for air above the 0 level over that period, however the S&P500 was rallying hard as the index gasped for air. This highlights the need to review other indexes and charts, and not rely solely on the NYESM Index in isolation. One such additional index that might shed some light on the S&P500 rally during point 2 above is the relative strength of the ISM Services PMI which has remained in expansionary territory throughout the same period. The Services Index is designed to measure the economic activity and health of the services sector in the United States some of which are professional services (accounting, legal, etc.), healthcare (hospitals, clinics & other practitioners), accommodation, leisure and food services. One could imagine with everyone cooped up during COVID-19, the resilience in the services metric could help explain the resilience in the market with people enjoying more experience orientated activities. We covered ISM Services Vs ISM Manufacturing on Macro Monday 22 which you can check below in the attaching links. The ISM metrics cover all areas of the U.S. and are considered a more all-encompassing measure of manufacturing and services in the U.S. Regardless looking at individual states such as California, Texas and New York can provide clues and insights into the overall trend. Current Readings & Expectations The New York Empire State Manufacturing Index increased from Sept to Oct 2023 demonstrating a sharp rise from -4.6% to +9.1% pushing the Index into expansionary territory. Expectations for this Fridays release is a reduction of 7.1% resulting in a reading of 2 for the month of Nov 2023. This would still be expansionary for manufacturing in NY State but a reduction all the same, demonstrating less manufacturing to the prior month. Lets see how the Index performs this Friday. PUKA
ECONOMICS:USNYESMI
by PukaCharts
AUDCAD ZONE TRADE SETUPIN AUDCAD price was its support and previous range resistance area on the monday open wait for the direction of market if price break its trendline and black level to the upside the good setup to trade for long and the targets are next level which is 0.8794 and thursday high/ 2nd scanario/ if price break this level of support to the downside than we see on the left hand side clear rang consolidation range and expected to price move in this range and test its range low 0.86000 area.
by naumanfx_
NYT it’s time to go upThe Marketmiracle advisor has just generated a LONG input signal on the title New york times with target 48.64 Indeed, the signal is compatible with the graph and the fact that the economy is recovering a bit around the world plays in favor of one of the most famous newspapers. I’ll go long on the title as soon as I have cash. This idea is based on a signal generated by the advisor Marketmiracle, scroll the page to find the link to the free page of the signals of the advisor that you can consult without any cost and without registration.
NYSE:NYTLong
by MarketMiracleAdvisor
1
NAS possible Bullish to 10300 ?NAS100 has been bullish last 2 NY sessions. With strong bullish momentum happening within the last hour of each session around 3-4pm EST. Currently price is ranging during Australian and Toyko as it was doing yesterday 6/29/2020. During Pre London and London session I'm going to see if price will break current support at 10134 and head down to liquidity pool at the zone of 10100 to 10085. If i see rejection around that zone I will look for buys during the NY session to push bullish momentum up to 10200 and then on to 10250 and 10300. on 6/23/2020 last week the high was 10310. Ultimately my bias is Buys going long for the long term. If your up late you can take shorts down to 10100 or lower until we see exhaustion, during the London session. But I'm headed to bed lets see how NY session goes at 9:30pm EST. Good Night and hit Like if you agree. Subscribe if you want to see more of my breakdowns. Im still learning, yet earning. Focused on Risk management. You will always remain profitable if you have more wins than losses.
OANDA:NAS100USDLong
by TradingTrav101