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RUSSELL 2000

$SPX Bearish Harami on Daily chartI'm not that big on candlestick patterns, but a Bearish Harami is essentially a failed continuation of a prior bullish session(s) or rally. SPX posted a bullish close on the 12th and the 13th, but failed to follow through with a third session on Monday. Instead you saw a choppy session where the bulls and bears tugged a bit intraday, but the SPX lost steam at the end of the session and posted a red candlestick. It was also fairly indecisive so while one can say that it's a toss up for tomorrow, you'd rather bet on a continuation of the larger downward trend that we're in, rather than some sort of coin flip reversal. Same daily stick pattern can be seen on the NDQ (Nasdaq 100) and RUT (Russell 2000).
SP:SPXShort
by grenadetrade
Russell 2000 - US Economy in Trouble, 50% Shorting Opportunity?Although big indices like S&P500 and Nasdaq, favouring large cap companies, have still got potential to update historic highs - what is small caps index Russell 2000 telling us? It has already dropped by 30%, is there more downside and is it indicating that real US economy already in trouble? Technical Analysis (Elliott Waves): Looking at weekly timeframe it is visible that sharp drop in March 2020 has completed fourth wave of an impulse that has been developing since the great financial crisis of 2008 The proposed scenario suggests that the 5th wave has culminated in November 2021 and since then the next global correction has started which is likely to last even longer than the previous one that stretched from 1998 to 2009 - it's shocking to think of a correction for 11 years or longer The most interesting opportunity however, is the potential development of an Expanding Triangle which may have been formed with A-B-C-D waves already And given that there was an optimistic bounce on Friday 13th May in all the markets, there is a potential move for Russell 2000 towards $2140 to complete this triangle In this case the next move to the downside may have a great opportunity with nearly 50% for shorting the index and expect the target in the range between $1000 and $1300 which represent 0.618x and 0.5x Fibonacci retracement levels of the global wave 3 What do you think about this idea and US economy as a whole? Please share your thoughts in the comments and like this idea if you agree wit it. Also let me know if you would like to see other stocks, indices or Forex pairs analysed using Elliott Waves. Thanks
TVC:RUTShort
by vitalalyt
IXIC US Composite Nasdaq Corrects 50% from swing of 2020! Over? IXIC US Composite Nasdaq Corrects 50% from swing of 2020! Over? #IXIC #NASDAQ #US30 #RUT #SPX500 NASDAQ:IXIC corrects 50% from the swing of 2020 bottoms. Is it over? Economic fundamentals claim it has not bottomed out yet. Most of the IT stocks gave the way for this correction. #TSLA #AMZN #FB #NFLX and so on to name. Is it time for investment? Yes, for a long term holder who is not bothered with a small dips of 5-7% further fall, should start investing. Are you salaried class person with a constant earning coming every month end? Or u have a business with a strong mindset of risk management and risk handling? Be prepared with your investment plans! Personal Finances and Taxation. Earnings and Expenses. Savings and Return on Investment All are to be aligned in this latest world of increased necessities and demands with scarcity of resources. As we have always read, this is actually happening in front of us. Are we prepared? Inflation and Unemployment will tame our greed and carelessness towards resources. Investment opportunities? Ample of opportunities, waiting for appropriate investment entry. Start investing start trading. Tradingview ! #tradingview.
TVC:IXICLong
by Rachit_Sethia
Daily Market Update for 5/6Summary: The market continued to correct as the US Dollar strengthened and Treasury yields rose on Friday. Defensive sectors in the S&P 500 gained while other sectors sank. Notes A brief update today due to holidays and travel. I will be traveling for the next week as well but will try to keep the Daily Market Update going. Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, May 6, 2022 Facts: -1.40%, Volume higher, Closing Range: 42%, Body: 28% Red Good: Closing range is ok Bad: Lower high, lower low, higher volume sell-off Highs/Lows: Lower high, Lower low Candle: Thin body in middle of long upper and lower wicks Advance/Decline: 0.27, almost four declining stocks for every advancing stock Indexes: SPX (-0.57%), DJI (-0.30%), RUT (-1.69%), VIX (-3.24%) Sector List: Energy (XLE +2.98%) and Utilities (XLU +0.80%) at the top. Materials (XLB -1.43%) and Communications (XLC -2.06%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview A brief update today due to holidays and travel. The market continued to correct as the US Dollar strengthened and Treasury yields rose on Friday. Defensive sectors in the S&P 500 gained while other sectors sank. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Fed's Raphael Bostic is scheduled to speak on Monday. Bostic is on the hawkish side of the Fed and could stoke fears of higher interest rate hikes despite Jerome Powell's assurance they would limit to 50 basis points. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq fell to 12,000 before getting support on Friday. Some analysts have forecasted 12,000 as the bottom during this correction, but time and the market will tell if that's true. The 40w EMA is at 11,750.07. The index dipped below this line only in the 2000, 2008, and 2020 crashes. If the index returns to the trend line from the 3/29 high, that would mean a +0.66% gain for Monday. The one-day and five-day trend lines point to a -0.67% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Analysts have been waiting for broad market capitulation and maybe we've seen some over the past two days, or maybe there is more to come. Watch the two levels at 12,000 and 11,750. If those levels hold, then we could see some upside from there. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 5/5Summary: The Wednesday rally did not last and in a whiplash move markets sold off on Thursday, with some of the worst single-day losses since 2020. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Thursday, May 5, 2022 Facts: -4.99%, Volume lower, Closing Range: 22%, Body: 78% Red Good: Lower volume Bad: Big decline, lower high, lower low, advance/decline ratio Highs/Lows: Lower high, Lower low Candle: Mostly red body, short lower wick from late dip buying Advance/Decline: 0.15, more than six declining stocks for every advancing Indexes: SPX (-3.56%), DJI (-3.12%), RUT (-4.04%), VIX (+22.74%) Sector List: Utilities (XLU -1.02%) and Energy (XLE -1.50%) at the top. Technology (XLK -4.81%) and Consumer Discretionary (XLY -5.60%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The Wednesday rally did not last and in a whiplash move markets sold off on Thursday, with some of the worst single-day losses since 2020. The Nasdaq plummeted by -4.99%. Volume was lower than the previous day. The candle has no upper wick, a 78% red body, and a 22% closing range. There were over 6 declining stocks for every advancing stock. The Russell 2000 (RUT) fell by -4.04%. The S&P 500 (SPX) declined by -3.56%. The Dow Jones Industrial Average (DJI) declined by -3.12%. The VIX Volatility Index shot up by +22.74%. All eleven S&P 500 sectors declined. Utilities (XLU -1.02%) and Energy (XLE -1.50%) were at the top of the list. Technology (XLK -4.81%) and Consumer Discretionary (XLY -5.60%) had the worst declines. The weekly Initial Jobless Claims rose to 200,000 this week, topping the forecast of 182,000. Nonfarm Productivity for Q1 dropped more than expected, receding by -7.5%. Unit Labor Costs for Q1 rose more than expected, rising by 11.6% instead of the 9.9% forecast. After dipping yesterday, the US Dollar Index (DXY) jumped back to recent highs, gaining +1.01% today. US 30y, 10y, and 2y Treasury Yields all rose. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices declined. Brent Oil reached again $110 a barrel. The put/call ratio (PCCE) rose to 0.881. The CNN Fear & Greed index moved back toward Extreme Fear but is still in the Fear range. The NAAIM Money Manager Exposure Index rose to 57.18 from 46.25 the previous week. All of the big six mega-caps had huge losses. Tesla (TSLA) led the declines with a -8.33% drop today. Only Meta (FB) held above the 21d EMA and 50d MA lines, despite a -6.77% decline today. Only one stock in the Daily Update Growth List gained. Twitter (TWTR) rose by +2.65% as more financial support came for Elon Musk's purchase of the company. More than ten stocks on the list declined by more than 10%. Fastly (FSLY) ended up at the bottom of the list with a -18.09% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Tomorrow is Jobs Data Friday. Nonfarm Payrolls, the Unemployment Rate, and other jobs-related metrics will be released prior to the market opening. Four Fed officials are scheduled to speak throughout the day. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq reached the 13,000 support/resistance area yesterday but was rejected and sent tumbling today. If the index returns to the five-day trend line, that would mean a +0.88% gain for tomorrow. The trend line from the 3/29 high points to a -1.45% decline for tomorrow. If the one-day trend line continues into Friday, that would mean a -3.62% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up What a wild ride from yesterday's late afternoon rally to today's dramatic sell-off. It's unclear what drove yesterday's rally vs today's reposition. Could it be yesterday's relief over a 50 basis point increase vs the fear 75 basis point increase that drove the rally? And then as the additional two increases announced for June and July sank in, that drove today's decline? I don't know. Someone much smarter than me is making those decisions somewhere. Let's see if we get a rebound on Friday or if the pain continues. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 5/4Summary: Jerome Powell gave unexpected but specific guidance on not only today's interest rate hikes, but also the next two. In addition, the specifics around reducing the balance sheet helped squash the fear that the Fed would move too fast. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, May 4, 2022 Facts: +3.19%, Volume higher, Closing Range: 97%, Body: 63% Green Good: Gain on higher volume, strong afternoon rally with 97% closing range Bad: Lower low Highs/Lows: Higher high, Lower low Candle: Outside day, thick green body over a long lower wick, tiny upper wick Advance/Decline: Indexes: SPX (+2.99%), DJI (+2.81%), RUT (+2.69%), VIX (-13.09%) Sector List: Energy (XLE +4.15%) and Technology (XLK +3.51%) at the top. Health (XLV +2.22%) and Real Estate (XLRE +1.18%) at the bottom. Expectation: -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Jerome Powell gave unexpected but specific guidance on not only today's interest rate hikes, but also the next two. In addition, the specifics around reducing the balance sheet helped squash the fear that the Fed would move too fast. The Nasdaq responded with a late-day rally that helped it close with a +3.19% gain. The intraday swing was a huge 5% from low to high. Volume was much higher than the previous day. The candle has a lower low and a higher high, making for an outside day. The closing range of 97% is above a 63% green body. There were two advancing stocks for every declining stock. The S&P 500 followed the Nasdaq with a +2.99% gain. The Dow Jones Industrial Average (DJI) rose by +2.81%. The Russell 2000 (RUT) climbed by +2.69%. The VIX Volatility index dropped by -13.09%, although still remains elevated. All eleven S&P 500 sectors gained today. Energy (XLE +4.15%) and Technology (XLK +3.51%) were the best two sectors. Health (XLV +2.22%) and Real Estate (XLRE +1.18%) were at the bottom of the sector list. The ISM Non-Manufacturing PMI for April came in lower than expected at 57.1 compared to the 58.5 forecasts. However the Markit Services PMI and Composite PMI both beat expectations. The biggest news though was the Fed's decision to raise interest rates by 50 basis points to 1.0% and also stated the next two increases would be 50 basis points, not the 75 basis points feared by some analysts. The US Dollar Index (DXY) dropped -0.91%. The US 30y Treasury Yield gained while the 10y and 2y Treasury Yields declined. The gap between long and short-term yields widened. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices rose. Silver and Gold rose, thanks to the US Dollar's weakening. Brent Oil is at $109 a barrel after Europe proposed cutting off Russian oil. The put/call ratio (PCCE) rose to 0.857. The CNN Fear & Greed index moved toward Neutral but remained in the Fear region. All of the big six mega-caps rose today. Meta (FB) topped the group with a +5.37% gain. Apple (AAPL) and Meta closed above their 21d EMA and 50d MA. Microsoft (MSFT) moved above its 21d EMA while Tesla (TSLA) closed above its 50d MA. The big six led the mega-cap list with Facebook, Tesla, Alphabet (GOOG), and Apple (AAPL) making up the top four. AstraZeneca (AZN) was the only declining stock in the list. The Daily Update Growth List closed almost entirely in the green. PayCom (PAYC) topped the list with a +13.78% gain. The only declining stock in the list was RH (RH) which lost -1.46%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Tomorrow we will get the weekly Initial Jobless Claims data before the market opens. We will also get Nonfarm Productivity and Unit Labor Costs for Q1. Shell (SHEL), ConocoPhillips (COP), Block (SQ), Shopify (SHOP), MercadoLibre (MELI), DataDog (DDOG), Lucid (LCID), Cloudflare (NET), DoorDash (DASH), and Zillow (Z) are among the earnings reports for Thursday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq moved back toward the 13,000 support/resistance area and stopped just short of that mark. Will it prove as resistance again or can the index move past the line and top the 21d EMA? If the one-day trend line continues into Thursday, that would mean a +3.26% gain, rising above the 21d EMA and stopping short of the 50d MA. If the index returns to the five-day trend line, that would mean a -3.78% decline. A drop to the trend line from the 3/29 high would mean a -5.83% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The afternoon rally felt good. Investors' confidence grew thanks to very specific guidance from the Fed on current and future interest rates and the balance sheet reduction. Forecasting with such specificity is not common for the Fed and shows how careful they are being to not create a recession. The next few days will be an important signal for equities. If the rally sticks, we should see a few days of gains on elevated volume and breath across the market with an advance/decline ratio over 1.0. Then some consolidation might begin late on Friday or early next week before the next move up. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
SPX Runs and RestsSo i thought i'd take a look at a bit longer term monthly chart on the SPX. As you can see here, for the past 10 years or so, after having broken above the '07 top resistence level at around 1550 SPX has had a 2-3 year stretch of three runs, followed by respite and or corrections. And at each of these times, you can also see that the 50MA served very well as a rally support for the next "run". Now, there's nothing that says one MUST kiss the 50MA, which would be right around a fib support of ~ 3470 or so, but if SPX would take a negative turn down from current levels, then we may expect this level to be support once again as it has proven to be in the past. It may also overshoot as it did back in March of 2020, that gave everyone a scare. If that were to happen again, next support from that level would be 3200 or so. Keep in mind that past results do not predict future outcomes... just a consideration when looking at things long term while in short term volatility. :) Good luck.
SP:SPX
by grenadetrade
Daily Market Update for 5/3Summary: There was less choppiness in a lighter volume trading day as investors way for the Fed interest rate decision on Wednesday. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, May 3, 2022 Facts: +0.22%, Volume lower, Closing Range: 56%, Body: 28% Green Good: Higher high and low, good closing range Bad: A/D below 1.0, need more volume Highs/Lows: Higher high, Higher low Candle: Thin green body within a tight low and high Advance/Decline: 0.96, slightly more declining stocks than advancing Indexes: SPX (+0.48%), DJI (+0.20%), RUT (+0.85%), VIX (-9.55%) Sector List: Energy (XLE +2.80%) and Financials (XLF +1.30%) at the top. Consumer Discretionary (XLY -0.25%) and Consumer Staples (XLP -0.29%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview There was less choppiness in a lighter volume trading day as investors way for the Fed interest rate decision on Wednesday. The Nasdaq climbed +0.22% today. Volume was lower than the previous day. The 28% green body sits in the middle of a tighter price range than what we've experienced almost daily for the last several weeks. The closing range of 56% is good and we got a higher high and higher low. There were slightly more declining stocks than advancing stocks. The Russell 2000 (RUT) did the best today, gaining +0.85%. The S&P 500 (SPX) rose by +0.48% and the Dow Jones Industrial Average (DJI) advanced by +0.20%. The VIX Volatility index dropped by -9.55%, but remains elevated. Nine of the eleven S&P 500 sectors gained. Energy (XLE +2.80%) and Financials (XLF +1.30%) were the best sectors. Consumer Discretionary (XLY -0.25%) and Consumer Staples (XLP -0.29%) were the two losing sectors. Both Factory Orders and JOLTs Job Openings for March were higher than forecast. API Weekly Crude Oil Stock was lower than expected, showing high demand. The US Dollar Index (DXY) dropped by -0.14% as it bounced up and down the last few days. US 30y and 10y Treasury Yields declined while the 2y Treasury Yield rose. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices rose. The put/call ratio (PCCE) declined to 0.753. The CNN Fear & Greed index remained in Fear. Four of the big six mega-caps gained. Apple (AAPL) led the way with a +0.96% advance. Microsoft (MSFT) declined -0.95%. Shell (SHEL) led the mega-cap list with a +3.55% gain. The top four mega-caps were Energy and Financial companies. Visa (V) had the biggest decline in the list, losing -1.40% today. The Daily Update Growth List had mixed results. The biggest gain came from Enphase (ENPH) which advanced by +3.68%. Okta, Inc. (OKTA) was at the bottom of the list, declining by -5.04% today. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead All eyes will be on the Fed Interest Rate Decision tomorrow afternoon. The expectation is for a 50 basis point rise to bring interest rates to 1.00%. Before the Fed's decision, we'll get Trade Balance data for March and the Non-Manufacturing Purchasing Managers Index for April. Crude Oil Inventories come later in the morning. CVS (CVS), Booking (BKNG), Moderna (MRNA), Uber Tech (UBER), Marriot (MAR), Fortinet (FTNT), and eBay (EBAY) are among the companies reporting earnings on Wednesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq stayed within a relatively tight trading range today. If the one-day trend line continues into Wednesday, expect a +0.38% advance. If the index returns to the five-day trend line, that would mean a -1.14% decline. The trend line from the 3/29 high points to a -2.48% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Let's hope the Fed gives us a boring day tomorrow, by doing exactly as expected and raising interest rates by 50 basis points. Boring is good for the stock market. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 5/2Summary: A late rally helped stocks close higher on Monday as long-term Treasuries rose above 3% ahead of the Fed meeting this week. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Monday, May 2, 2022 Facts: +1.63%, Volume higher, Closing Range: 98%, Body: 60% Green Good: Closing range, gain on higher volume Bad: Lower high, lower low Highs/Lows: Lower high, Lower low Candle: Green body covers upper half of candle Advance/Decline: 1.08, about the same number of advancing and declining stocks Indexes: SPX (+0.57%), DJI (+0.26%), RUT (+1.01%), VIX (-3.17%) Sector List: Communications (XLC +2.76%) and Energy (XLE +1.60%) at the top. Consumer Staples (XLP -1.31%) and Real Estate (XLRE -2.60%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview A late rally helped stocks close higher on Monday as long-term Treasuries rose above 3% ahead of the Fed meeting this week. The Nasdaq closed up by +1.63%. The high closing range of 98% came after the index rallied in the final hour of trading. The index flipped from a red to green in the rally, leaving behind a long lower wick below a 60% green body. Volume was higher than the previous day. There was a nearly equal number of advancing and declining stocks. The Russell 2000 (RUT) gained +1.01%. The S&P 500 (SPX) rose by +0.57%. The Dow Jones Industrial Average advanced by +0.26%. The VIX Volatility Index fell by -3.17%. Six of the eleven S&P 500 sectors gained today. Communications (XLC +2.76%) and Energy (XLE +1.60%) topped the sector list while Consumer Staples (XLP -1.31%) and Real Estate (XLRE -2.60%) were at the bottom. Purchasing Manager Index data released in the morning showed a contraction in manufacturing activity which echoed data coming from China. The US Dollar Index (DXY) gained +0.38% today, moving back toward recent highs. The US 30y Treasury Yield topped 3% for the first time since 2019. The 10y and 2y Treasury Yields also rose today. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices were lower. Silver and Gold continue to sink, credit to the strengthening dollar. Brent Oil is at $107 per barrel. The put/call ratio (PCCE) declined to 1.03, remaining in a bearish range. The CNN Fear & Greed index remains deep in the Fear range. All of the big six mega-caps gained today. Meta (FB) led the gains with a +5.32% advance. Amazon (AMZN) just barely closed with a gain, rising +0.18% for the day after dipping nearly 5% earlier in the session. Meta and Nvidia (NVDA) both gained +5.32% to top the mega-cap list. PepsiCo (PEP) was at the bottom of the list with a -2.30% decline. All but two stocks in the Daily Update Growth List gained today, most advancing more than 4%. Roku (ROKU) was the top gainer with a +11.01% advance. DataDog (DDOG) and Niu Tech (NIU) were the two decliners, dropping by -0.48% and -1.05%, respectively. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead The big news this week be on Wednesday with the Fed interest rate decision. For tomorrow, we will get Factory Orders and the JOLTs Job Openings report for March. In the afternoon, the weekly API Crude Oil Stock report will arrive. Pfizer (PFE), AMD (AMD), Airbnb (ABNB), Starbucks (SBUX), and Hilton (HLT) are among the earning reports for Tuesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The late session rally wasn't enough to move the one-day regression trend line to an uptrend. The one-day and five-day trend lines and the trend line from the 3/29 high are pointing to a -1.52% decline for Tuesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up I'm not sure the rally in the late afternoon today means much. The put/call ratio is still high. So as some investors turned bullish, there are still plenty of investors that are betting on further declines. There's not much to go on for expectations on Tuesday, but we can probably look forward to more choppiness as investors prepare for Wednesday's Fed decisions. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 4/28Summary: Strong earnings from big tech helped boost the stock market on Thursday, led by Meta, PayPal and Qualcomm. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Thursday, April 28, 2022 Facts: +3.06%, Volume higher, Closing Range: 83%, Body: 34% Green Good: Gain on higher volume, long lower wick shows bullish reversal Bad: Nothing Highs/Lows: Higher high, Higher low Candle: Green body above long lower wick, short upper wick Advance/Decline: 1.26, more advancing than declining stocks Indexes: SPX (+2.47%), DJI (+1.85%), RUT (+1.80%), VIX (-5.09%) Sector List: Technology (XLK +4.00%) and Communications (XLC +4.00%) at the top. Industrials (XLI +1.13%) and Utilities (XLU +1.11%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Strong earnings from big tech helped boost the stock market on Thursday, led by Meta, PayPal and Qualcomm. The tech-heavy Nasdaq soared +3.06% on higher volume than the previous day. The 34% green body sits above a long lower wick showing a bullish reversal to the upside mid-day. The closing range of 83% comes after a little profit taking at the end of the day. There were more advancing stocks than declining stocks. All indexes had great days. The S&P 500 (SPX) rose by +2.47%. The Dow Jones Industrial Average (DJI) climbed by +1.85%. And the Russell 2000 (RUT) gained +1.80%. The VIX Volatility Index remains elevated, but declined by -5.09% today. All S&P 500 sectors gained. Technology (XLK +4.00%) and Communications (XLC +4.00%) tied for the top spot on the sector list. Industrials (XLI +1.13%) and Utilities (XLU +1.11%) were at the bottom. The morning dip was probably due to economic data that showed the economy shrinking in the first quarter despite higher prices. The combination is a recipe for stagflation, one of the biggest market evils. Initial Jobless Claims hit the forecast exactly at 180,000 for last week. The US Dollar just won't quit. The US Dollar index (DXY) rose by another +0.65% today. US 30y and 10y Treasury Yields declined while the 2y Yield rose slightly. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices tracked higher with Treasuries. Brent Oil rose to $107 a barrel. The put/call ratio (PCCE) lowered slightly to 0.935. The CNN Fear & Greed index landed in the middle of the fear range. The NAAIM money manager exposure index dropped to 46.25. There were big gains for the big six. Meta (FB) rose +17.59% despite mixed results. The surprise came in unexpected user growth. Microsoft (MSFT) continued it post-earnings gains with a +2.26% advance today. Alphabet (GOOG) rebounded a bit from yesterday's loss, advancing by +3.82% today. Apple (AAPL) and Amazon(AMZN) both gained over 4% ahead of their earnings releases in the evening. Both were down in extended hours trading. Apple beat expectations but provided a cautious outlook for Q3 due to the impact of shutdowns in China. Amazon disappointed on results as the surge in consumer online spending during the pandemic is tapering off. Meta was the top mega-cap, followed by Nvidia (NVDA) which gained +7.42%, likely thanks to Qualcomm's performance. Novo Nordisk (NVO) fell by -1.23% to end at the bottom of the mega-cap list which had only four declining stocks. On the Daily Update Growth List, it was Pinterest (PINS), Upwork (UPWK) ,and PayPal (PYPL) that soared on earnings results, all rising more than 10%. Pinterest topped the list with a +13.55% gain. Four stocks ended up with losses at the bottom of the list. Ehang Holdings (EH) had the biggest decline, losing -1.38% today. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead PCE Price Index Data for March will be released tomorrow morning. We will also get the Chicago PMI and Michigan Consumer Sentiment and Consumer Expectations numbers for April. Exxon Mobil (XOM) both Chevron (CVX) report earnings in the morning. AbbVie (ABBV) and Honeywell (HON) are also notable reports for Friday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance After a dip in the morning, the Nasdaq headed back toward the 13,000 support/resistance area, stopping short of 13,000 before a bit of profit taking before the close. That action created a one-day trend line that points to a +4.36% advance for Friday. The index is unlikely to rise that much in one day, especially given Amazon will most certainly decline. If sentiment turns bearish and the index returns to the five-day trend, that would meet up with the trend line from the 3/29 high and mean a -2.82% decline to end the week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Something like 40% of Nasdaq companies reported earnings this week. Overall earnings continue to show strong performance from public companies across sectors and sizes. Leaders are cautious about the next few quarters which will continue to make investors cautious. Tomorrow could be a good signal of just how investors feel after taking the whole week of reports in view. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 4/27Summary: Equities were mixed as the US Dollar continues to strengthen against the Euro and Japanese Yen. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, April 27, 2022 Facts: -0.01%, Volume lower, Closing Range: 21%, Body: 4% Red Good: Lower volume on decline Bad: Lower high, lower low, closing range, long upper wick Highs/Lows: Lower high, Lower low Candle: Thing red body near bottom of candle underneath a long upper wick Advance/Decline: 0.51, two declining for every advancing stock Indexes: SPX (+0.21%), DJI (+0.19%), RUT (-0.34%), VIX (-5.73%) Sector List: Technology (XLK +1.48%) and Materials (XLB +1.47%) at the top. Real Estate (XLRE -0.60%) and Communications (XLC -2.23%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Equities were mixed as the US Dollar continues to strengthen against the Euro and Japanese Yen. The Nasdaq closed just -0.01% lower after a morning rally failed and turned into afternoon selling. The 4% red body underneath a long upper wick shows the round trip to intraday highs that eventually resulted in a 21% closing range. There were two declining stocks for every advancing stock. The S&P 500 (SPX) did better, helped by Microsoft and the Technology sector. It closed +0.21% higher. The Dow Jones Industrial Average (DJI) gained by +0.19%. Small-caps did not fare well, with the Russell 2000 (RUT) declining -0.34%. The VIX Volatility Index dropped -5.73%. Six of the eleven S&P 500 sectors gained today. Technology (XLK +1.48%) led the list with help from Microsoft. Materials (XLB +1.47%) was the next best sector. Communications (XLC -2.23%) was at the bottom of the sector list, brought down by Google and Facebook losses. The US Dollar continues to strengthen. The index (DXY) that measures the dollar against a basket of other currencies, rose +0.68% today. It is up more than 5% for the month. Treasury Yields rose. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices declined. Silver and Gold continued to drop. Brent Oil remains around $105 a barrel. The put/call ratio (PCCE) rose to 0.937. The CNN Fear & Greed index remains deep in the Fear region. Microsoft (MSFT) led the big six mega-cap list with a +4.81% gain after strong earnings. Alphabet (GOOGL) led the declines with a -3.75% loss after taking another hit on advertising revenues. Meta (FB) declined by -3.32% as investors expected a similar fate, but then the company surprised with stronger-than-expected user growth and the stock rose % by 18 in extended trading. Visa (V) was the top mega-cap, gaining +6.47% after telling investors there was no impact on the business from economic and geopolitical situations. Mastercard (MA) rose +5.07% thanks to the Visa news. Alphabet and Facebook were the worst two mega-caps for the day. JD.com (JD) led the Daily Update Growth List with a +7.91% gain. Enphase (ENPH) deserves an honorable mention after climbing +7.72% to land in the second spot thanks to strong earnings. Beyond Meat (BYND) is also notable. The stock gained +30% intraday on misunderstood news coverage. After the news was clarified, the stock dropped but held onto a +7.57% gain. Roku (ROKU) was at the bottom of the list again, declining by -7.63% today. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead We'll get the first look at GDP for Q1 on Thursday. We'll also get the weekly Initial Jobless Claims. The big six mega-caps will finish out their earnings season with Apple (AAPL) and Amazon (AMZN) reporting on Thursday. In addition, Mastercard (MA), Eli Lilly (LLY), Merck (MRK), Thermo Fisher Scientific (TMO), Comcast (CMCSA), Intel (INTC), and McDonald's (MCD) are among many more reporting in this busy earnings week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance If the one-day trend continues into Thursday, that will be near the trend line from the 3/29 high and result in a +0.47% gain. The five-day trend line points to a -2.24% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Earnings continue to surprise in multiple ways. While Meta faces some of the same earnings pressures as Google, the company was able to show strong user growth and excite investors. Overall the earnings season continues to show companies outperforming and showing a positive outlook even amidst headwinds. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
1
Daily Market Update for 4/26Summary: Investors sold off growth stocks ahead of big tech earnings this week, fearing the worst for the outlook on future growth. Microsoft and Google painted different pictures with their earnings reports after the market closed. Notes Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, April 26, 2022 Facts: -3.95%, Volume higher, Closing Range: 0%, Body: 100% Red Good: Nothing Bad: Sell-off on high volume, no upper or lower wicks Highs/Lows: Lower high, Lower low Candle: 100% red body, no wicks Advance/Decline: Indexes: SPX (-2.81%), DJI (-2.38%), RUT (-3.26%), VIX (+24.06%) Sector List: Energy (XLE +0.14%) and Utilities (XLU -1.00%) at the top. Technology (XLK -3.73%) and Consumer Discretionary (XLY -5.06%) at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Investors sold off growth stocks ahead of big tech earnings this week, fearing the worst for the outlook on future growth. Microsoft and Google painted different pictures with their earnings reports after the market closed. The Nasdaq dropped by a huge -3.95% on higher volume the previous day. The candle is 100% red body with no upper or lower wicks. Prices fell sharply in the morning before pausing and then continued the sell-off late in the afternoon. There were over 8 declining stocks for every advancing stock. Small-caps were hit hard as well. The Russell 2000 (RUT) declined by -3.26%. The S&P 500 (SPX) dropped by -2.81% and the Dow Jones Industrial Average (DJI) fell by -2.38%. The VIX Volatility Index rose by +24.06% closing at its highest level since early March. Of the eleven S&P 500 sectors, only Energy (XLE +0.14%) ended the day with gains. Utilities (XLU -1.00%) was the next best sector. Technology (XLK -3.73%) and Consumer Discretionary (XLY -5.06%) had the biggest losses. Economic data today was not far off expectations but did arrive lower than forecast. CB Consumer Confidence for April registered at 107.3 compared to the forecast of 108.0. New Home Sales in March were 763,000 compared to the forecast of 765,000. API Weekly Crude oil Stock was higher than expected. There were 4.8 million barrels compared to the forecast of 2.2 million barrels. The US Dollar index (DXY) rose by another +0.56%, adding more pressure to large multinationals whose international revenues are impacted by a strong dollar. US 30y, 10y and 2y Treasury Yields all declined. High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices also declined, showing the negative sentiment for corporations. Brent Oil rose to $105 a barrel. Timber continued its sharp decline over the past week while both Copper and Aluminum are also declining sharply. The put/call ratio (PCCE) declined to 0.927. The CNN Fear & Greed Index dropped nearly to Extreme Fear. All of the big six mega-caps had massive declines, but none more than Tesla (TSLA) which dropped by -12.18% on fears of how the Twitter deal might impact Tesla. Microsoft (MSFT) dropped by -3.74%, but beat earnings expectations and rose by +4.51% in the after-hours market. Alphabet (GOOG) fell by -3.04% and continued declining another -3.19% after its earnings report. Only two mega-caps, Pfizer (PFE) and Exxon Mobil (XOM), advanced. Even those two advanced only a bit, gaining +0.16% and 0.04% respectively. Tesla was at the bottom of the mega-cap list. The Daily Update Growth List had only one advancing stock. Niu Technologies (NIO) rose by +3.47%. The biggest loser on the list was Roku (ROKU) which declined by -9.52%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead The Goods Trade Balance and Retail Inventories (not including Auto) for March arrive in the morning. After the market opens, Pending Home Sales for March and the weekly Crude Oil Inventories will be available. Meta (FB), Qualcomm (QCOM), and PayPal (PYPL) are the high-profile earnings reports for tomorrow. In addition to those, T-Mobile (TMUS), Boeing (BA), ADP (ADP), ServiceNow (NOW), and Ford (F) report among many others on another busy earnings day. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq could not hold onto yesterday's close above the 13,000 support area. After opening in the positive, it quickly fell to end the day at its lowest close since 2020. Year to date, the index is down -20%. If the index returns to the trend line from the 3/29 high, it would require a +1.76% gain tomorrow. The five-day and one-day trend lines point to similar spots, around a -1.34% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Fears gripped the market today. How will Elon Musk's purchase of Twitter impact Tesla? What will the outlook be for corporate America as economic and geopolitical issues continue? Is a recession on the horizon? And yet, the fears that dropped Tesla by 12% are just that. Fears. Fears that are not based on any material change in Tesla's performance. Fears on the outlook for big tech? With the exception of Google, earnings reports have been positive. Not only the results, but Visa reports no impact from recent events and improved their outlook. Microsoft expects to continue driving more adoption of digital technologies. More to come later this week will paint a fuller picture. Is a recession on the horizon? Maybe, or maybe not. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321