January PPI came in much hotter than expected while housing starts and permits fell far short of consensus, stoking persistent fears of stagflation. PPI came in at 0.3% MoM versus 0.1% expected. Excluding food and energy, core PPI rose 0.5% versus 0.1% expected. Stripping out trade services, the tally rose to 0.6%, its highest print … continue reading →
Tag Archives: RSI
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 →
Nonfarm payrolls soared by 353,000, more than twice the 175,000 expected. Average hourly wages also beat at +0.6% (+4.5% YoY) versus +0.3% expected. Unemployment remained at 3.7%. Forget about a March rate cut. Bulls will be lucky to get one in May. The overnight ramp job has completely disappeared, with futures struggling to remain positive. … continue reading →
Powell said what many of us have been thinking: There’s no reason to rush into a rate cut. The part he didn’t say (but implied) was that there was a clear risk to cutting rates at this time. The market, which has been fueled for months by rate cut expectations, was quite disappointed. SPX shed … continue reading →
Futures rose to fresh highs overnight on algo action. Currencies, commodities and VIX all remain in position to aid this rally – as long as the bevy of earnings due out this week complies. continued for members… … continue reading →
We finally saw the backtest we’ve been expecting as SPX fell a whopping 70 points (-1.47%), almost reaching its 10-day moving average and bleeding off its overbought condition. ES came within a few points of our Fibonacci backtest, also coming up just short of its 10-DMA.continued for members… … continue reading →
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 →
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 →