The bulls will need to show continued strength today to confirm higher highs and a possible near-term bottom for the major indexes. The 3-day momentum helped level out the downtrending 50-day moving averages for the major indexes and this was a bullish development. Although the small-caps remain a slight concern, they could show the most […]
Author Archives: Rick Rouse
3 Month – $261 The percentage of S&P 500 stocks trading above the 200-day moving average closed at 62.57% on Friday, up 4.56%, with the session peak reaching 64.75%. Lower resistance from late September at 62.5%-65% was cleared and held. A close above the latter would signal additional strength towards 67.5%-70% and prior support to […]
The Utilities Select Spider (XLU) settled lower for the 4th time in 5 sessions following the intraday pullback to $63.70. Upper support at $63.50-$63 held. A close below the latter would be an ongoing bearish signal with downside risk towards $62.50-$62 and the 50-day moving average. 6 Month – $462 Lowered resistance at $64-$64.50. A close […]
The iShares 20+ Year Treasury Bond ETF (TLT) extended its losing streak to 3-straight sessions following the pullback to $139.71. Prior and upper support from mid-September at $140-$139.50 was breached but held. A close below the latter reopens downside risk towards the $138-$136 area. Lowered resistance is at $141.50-$142 with additional hurdles at $142.50-$143 and […]
Materials and Industrial were the strongest sectors after jumping 1.9% while Technology and Energy rose 1.4%. Utilities and Real Estate were the weakest sectors after giving back 0.4% and 0.3%, respectively. For the week, the best performing sectors were Materials (1.9%), Industrials (1.6%), Technology (1.3%) and Consumer Discretionary (1.2%). Utilities (-1.3%) and Consumer Staples (-0.9%) […]
Bulls Snap 3-Week Losing Streak 8:00am (EST) The market was in rally mode from the start of Friday’s open and maintained momentum throughout the session in hopes of a good outcome in the trade talks between U.S. and Chinese representatives. Tweets from President Trump confirmed that the U.S. had reached what is being called a […]