The USD is bouncing from the projected support area around 94. Further, some economic data came in firm this week and ISM was stable, with its exports component bouncing solidly. That was in keeping with the weakening dollar easing the pressure as a rising dollar had increased it. Continued firm data could attend an expected bounce in USD.
Ref. a public post about the $RUT this morning. It showed support after a wedge breakdown. RUT is losing that support so far today.
Here is the USD, losing the 50 day moving average. This is another marker along the way that keeps the correction target of 94 open.
US Stocks
This headline says it all. Playing its assertion straight, we acknowledge that what was a bubble in asset market supporting policy could morph into a bubble and blow off (i.e. mania) in stocks.
US Stock Market
S&P 500 is +5% today in pre-market and I have not covered my short position on SPY, although for NFTRH+ purposes, the preliminary bearish trading target was 206 (SPY closed yesterday at 204.98). So that trade is complete.
I expect SPX to eventually move down to the support zone at 2000 +/-, where the decision would then be made as to whether or not we are going to test lower levels. So interim bounces could be additional shorting opportunities, as was Monday’s little joy fest.
Just moving along in 'swing' mode, doing what the markets tell us to do and not trying to force anything. Simple, but it works.
Employment for February is +295,000 and unemployment is down to 5.5%. The US dollar rocketed upward and more importantly, so too did short-term interest rates (esp. in relation to long-term…
US Stock Market
Nasdaq hit 5000, market sentiment became over bullish to an extreme and yesterday was a down day. Indexes put a tail on their candles and closed above the low of the previous day. SPX was the worst potential offender of the major indexes yesterday. Had it closed below Monday’s low we’d have noted that as short-term bearish.
332 is a good one. They all have been lately in my opinion. I know that because each week doing the work in these reports (and in-week updates) helps orient…
This week NFTRH moves further from the lunatic fringe and into conventional market analysis with lots of talk about relative global stock valuations, using P/E ratios and currency movements as…
330 does some opinion making on gold sector perceptions and then buttons down to some interesting market analysis covering the usual suspects; US and global stock markets, commodities, precious metals,…
A snapshot of current daily technicals…
Precious Metals
GLD continues to rise toward the measured target around 128, where it would be over bought. Support is 117 to 119.
Stock Markets The US market is now just about at the limits of a 'bounce' vs. 'bull continuation'. Using SPY as an example. Junk bonds, while still in a downtrend,…
A snapshot of current daily technicals…
Precious Metals
GLD broke up from the pattern neckline and smashed through the SMA 200. That area around 120 is now key support. Upside target measured off the pattern has been around 128, where it would be very over bought.