VIX and the 10Y have both reached key chart pattern support.It’s a little early for a sprint to the barn. Will the algos take a breather? continued for members… … continue reading →
Tag Archives: RSI
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 →
We might be done with inflation, but judging by the oil/gas markets, it’s not done with us. Both CL and RB have now broken out of channels dating back to early 2022 – with CL pushing above its 200-day moving average this morning. The Fed has its work cut out for it this week – … continue reading →
The Fed will release its June minutes this afternoon, potentially shedding some light on why they paused their rate hikes. But, thanks to plenty of Fedspeak – including Jay Powell’s testimony – we already know that they are as confused and conflicted as everyone else. As always, they are more concerned about markets than anything … continue reading →
“Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” Powell asserted in prepared remarks in advance of his testimony before the House Financial Services Committee. Our charts certainly agree. As posted last week, there is little chance of inflation not bouncing back … continue reading →
The prop job continues, with VIX reaching a lower low and the DXY still under pressure. continued for members… … continue reading →
Today marks the third day in a row that ES has backtested the former resistance at 4190ish. Just a reminder, these things don’t happen by accident. continued for members… … continue reading →
The OPEX meltup continued overnight, with futures up modestly to new 9-month highs. Powell speaks at 11am ET and might shed some light on the implications of treasury yields which have pushed to new cycle highs – reflecting a much more cautious assessment of the debt ceiling negotiations. continued for members… … continue reading →
There’s something in March’s durable orders report for both bulls and bears. The 3.2% topline number was wildly better than the 0.7% expected and -1.2% previous. But, it was driven primarily by large Boeing orders. Non-defense capital goods excluding aircraft, a proxy for business spending plans, dropped 0.4%. And core shipping logged another 0.4% drop. … continue reading →
March retail sales came in at -1.0% versus -0.4% expected and -0.2% previous. Core slipped 0.3%. Early reaction is that the drop wasn’t enough to forestall another rate hike in May. So far, the futures have taken the news in stride.But, it remains to be seen whether the algos will view the setup as positively. … continue reading →