Futures are flat this OPEX morning as algos weigh the impact of higher than expected inflation, driven largely by rising oil and gas prices.continued for members… … continue reading →
Tag Archives: Channel
We’ve waited a very long time for SPX’s 50-DMA to reach a great spot for a small pullback. It’s finally here. Will the market cooperate? NOTE: I will be out of the office between March 4-6, returning on March 7. continued for members… … continue reading →
Futures are off moderately in the lead up to tomorrow’s important PCE print. continued for members… … continue reading →
Stocks rode NVDA’s coattails back into their rising channels yesterday, right back to the top of already overstretched chart patterns. continued for members… … continue reading →
As we stated in yesterday’s update… …the downside case would be damaged considerably if NVDA were to come out with stellar earnings and outlook that boosted ES back into the rising yellow channel. NVDA’s stellar earnings and outlook did, in fact, boost NVDA back into its previously broken channel. The resulting algo spasm, however, boosted … continue reading →
All good things must come to an end, or so the saying goes. For NVDA, it’s clear that the stock’s rally since the end of 2023 was following a very steep and narrow acceleration channel. These sorts of patterns feed upon themselves. As long as no one upsets the apple cart, there are outsized profits … continue reading →
Retail sales plunged 0.8% in January, far below estimates of -0.2% and last month’s +0.4%. The miss can’t be attributed solely to seasonality, as the Jan 2023 print was a massive +3.7% gain. The annual gain from Jan 2024 was a meager 0.6%. It has been a tough week for economic data. Inflation higher than … continue reading →
Thanks to VIX being hammered by 20% from yesterday’s highs, futures have recovered almost .50% – just enough to reach the bottom of the channel from which they broke down. SPX experienced a similar recovery late in the day, preserving (for now) the integrity of the channel that has produced a stunning 23% return since … continue reading →
The S&P 500 came within 11 cents of 5,000 yesterday, marking a remarkable 43% run since the October 2022 lows and 22% return since the October 2023 lows. The month of February has a mixed track record over the past 10 years, with gains and losses evenly split. Stocks frequently pause at big, round numbers … continue reading →
Futures are slightly higher on the heels of VIX’s 7% collapse from yesterday’s highs (on a day when stocks were broadly lower.) continued for members… … continue reading →