Market Update: The sideways/choppy action that has dominated the tape since Sep 9th continues as investors desperately look for clarity and a bullish catalyst. Leadership has narrowed considerably in recent weeks and the tape remains very split. We are approaching the last few trading days of the month- which tend to have a slight upward bias. …
Dear All: 1. There are 11 New Setups In This Week’s Report 2. Recent Media: CNBC: S&P turns positive as consumer discretionary leads; dollar hits 7-month high Friday, October 21, 2016 Reuters: Dollar hits eight-month high; stocks set for weekly gain Friday, October 21, 2016 Reuters: US STOCKS-Health, energy stocks hit Wall St, Microsoft lifts Nasdaq…
The tape remains very split. This is the 7th consecutive week that the S&P 500 and Dow Jones Industrial average are below their respective 50 DMA lines. Major support is October’s low and if that level breaks the next level to watch is the longer term 200 DMA line. The Nasdaq 100, on a relatively basis,…
Market Update: Interestingly, the major indices are “up” for the week as investors continue to digest a slew of economic, earnings and Central Bank data. Earlier today, the European Central Bank held its latest meeting and press conference. Initially, Draghi, was dovish, then he turned hawkish, then he turned dovish again. Currency markets (Euro…