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IXIC trade ideas

Nasdaq Composite dropping. IXICIt is appearing to be doing so along with the other major indices and there is plenty of data to speculate that the drop will continue technically and from a valuation standpoint. How low are we going? No one knows, but we have charted a few goals reasonable to us. A book can be written on how we derive the goals, so we won't bore you now. We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Confirmation level, where relevant, is a pink dotted, finite line. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe.
TVC:IXICShort
by Rykin_Capital
The Global Reset will crash economy for digital dollar If you haven't figured it out yet. The markets are bought up by the US government. They are the largest shareholder with trillions of fake money pumped into markets. There is an actual government organization called the PPT that was put into place to keep markets from crashing. The organization has evolved to basically buy stocks all day to keep inflating stock market to inflate consumer confidence. This is basically an unnatural market. The scam works like this. The government prints fake money to buy stocks and when these are sold by investors the fake money becomes real money and makes an impact in the economy as a large portion of it is recirculated into economy. That being said. A major event is likely planned by the government to crash stock market as an attempt to mandate a digital dollar currency. Bitcoin is likely an experiment of the US government as well. Long story short. Either the governments plan will work or God will reak havoc and end the manipulation before this happens. Even if we go digital God will have the last laugh. Even though he wouldn't laugh if you know what I mean. Markets can get irrational even more and go way beyond the thick red line even into 17k territory but let's hope this ends quicker then that
NASDAQ:IXIC
by wealthjustin
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
Let's Go Briden (Brandon or Biden?) 🤠✌️Biden to the rescue : Biden could soon lift tariffs on China in bid to tackle inflation ''The Biden administration is wrapping up a mandatory review of tariffs on Chinese imports that were first imposed by former President Donald Trump, who argued that China needed to be penalized due to unfair trade practices.'' Good move that could help reverse the situation. No 'FOMO' though, we stick to our chart regardless of the situation: Support at 10530, allows us to be 'Buyers'. Under that level= more chaos For now: Optimism may return. Key points to watch out for: - Earning Reports coming up - Employment data If these 2 are good we could be up for a major recovery here. Economic data will dictate what happens next. If economy is healthy Rate Hikes might be priced in already (Feds said 3,5% will be, which really is not much) One Love, the FXPROFESSOR ps. good move there Brandon! ps2: Nasdaq up = Btc upper
NASDAQ:IXICLong
by FX_Professor
10
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