Futures are up moderately on USD weakness. The EURUSD has backtested its recently broken red TL and its SMA10, sending the DXY back below a TL it was threatening to break above. This supports our thesis that the SMA200 is the most important target, but that the tag might wait until it reaches 1.087 or … continue reading →
Tag Archives: amzn
Yesterday’s stronger than expected ADP data and the Fitch downgrade did a number on stocks, with several indicators officially turning bearish for the first time in months. But, AAPL and AMZN, which make up over 10% of the S&P 500, haven’t reported yet. So, it might be a little early for bears to get excited. … continue reading →
AMZN stock cares about its 200-day moving average. In fact, it cares a lot. When it pushed above its 2903 Fibonacci target in late 2020, it spent 8 months waiting for the SMA200 (the thick red line below) to arrive and another 11 months defending it. When it finally broke down in January 2022, it … continue reading →
Economic data came in as expected except for Philly Fed – a huge miss at -19.4 versus -5.0 consensus and -8.7 prior. But, it was the former dove turned chief hawk Jim Bullard who decided enough is enough, suggesting rates could reach as high as 7% before inflation is tamed. Futures were not amused. It’s … continue reading →
Yes, it was impressive. AAPL, FB, GOOGL and AMZN delivered big time. Yet, AMZN, the one that was best positioned to clean up, hasn’t yet broken above a key Fib level, let alone the top of the 20-year old channel which marked the July 13 reversal. If it does, fine, bears should prepare for a … continue reading →
Note: CPI came in right on target: +0.6% unadjusted over the last 12 months. The MoM figure also rose 0.6% – driven, as expected, by the 12.3% increase in gasoline prices. * * * The last time I wrote a post including all the FAANG stocks was in November 2018 [see: FAANGs – Now or … continue reading →
The headlines have been coming fast and furious over the last 24 hours. First, Trump’s tweet yesterday morning regarding trade negotiations with China touched off a rumor, declared false this morning, that a trade deal was imminent. But, SPX soared yesterday anyway. Then AAPL’s earnings came out. The numbers were underwhelming; and, the company’s announcement … continue reading →
That’s a relief! For months, pundits have been arguing whether the Fed needed to hike interest rates three times or four times this year — you know, because of all the growth coming down the pike. Fed Über-Dove and “Man Who Thinks Market Integrity is Overrated” Jim Bullard just announced that the correct number is … continue reading →
Currencies are relatively quiet this morning in the midst of a slew of earnings and economic data. The dollar looks like it could hit our downside target of 79.50 – 79.59 from Jan 25 [see: Update on DX] this morning if the yellow channel holds, but note that its midline intersects with the bottom of … continue reading →