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DOLLAR INDEX IS WEAKENING -- THAT MAY BE HELPING COMMODITIES -- THE BLOOMBERG COMMODITY INDEX IS BOUNCING OFF ITS 50-DAY AVERAGE -- CRUDE OIL TOUCHES TWO-YEAR HIGH -- ENERGY SPDR IS BOUNCING OFF CHART SUPPORT -- SO ARE TRANSPORTS AND FINANCIALS
by John Murphy,
Chief Technical Analyst, StockCharts.com
DOLLAR INDEX THREATENS ITS 50-DAY AVERAGE... The U.S. dollar is in retreat today against most major foreign currencies. Chart 1 shows the PowerShares Dollar Index Fund (UUP) threatening to drop below its 50-day moving average (blue line). That would be the first time the UUP has slipped below that...
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High Yield Bond ETF is Bouncing Sharply Off Support, Telecom Weakest Sector
by John Murphy,
Chief Technical Analyst, StockCharts.com
The recent selloff in high yield junk bonds has attracted a lot of attention in the financial media. My Tuesday message showed the iBoxx High Yield Corporate Bond iShares (HYG) headed down for a test of chart support at its August low and its 200-day moving average. Chart 1 shows...
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GLOBAL STOCKS ARE HAVING A STRONG DAY -- HIGH YIELD BOND ETF IS BOUNCING SHARPLY OFF CHART SUPPORT -- MOST OF ITS RECENT SELLING HAS BEEN IN THE TELECOM SECTOR -- INDIVIDUAL TELECOM STOCKS ARE REBOUNDING FROM OVERSOLD CONDITIONS
by John Murphy,
Chief Technical Analyst, StockCharts.com
HIGH YIELD BOND ISHARES BOUNCE SHARPLY OFF 200-DAY AVERAGE... The recent selloff in high yield junk bonds has attracted a lot of attention in the financial media. My Tuesday message showed the iBoxx High Yield Corporate Bond iShares (HYG) headed down for a test of chart support at its August...
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STOCKS TAKE ON A MORE DEFENSIVE TONE AS STAPLES AND UTILITIES TAKE THE LEAD -- UTILITIES HIT NEW RECORD -- JUNK BOND SELLOFF IS ANOTHER CAUTION SIGNAL -- SELLOFF IN DOLLAR MAY BE PUSHING SOME DEFENSIVE MONEY BACK INTO GOLD
by John Murphy,
Chief Technical Analyst, StockCharts.com
UTILITIES HIT NEW RECORD ... With the rest of the market on the defensive, utility stocks are having another strong day. Chart 1 shows the Utilities Sector SPDR (XLU) climbing to another record high today. Utilities are the day's strongest sector (along with consumer staples), while all other sectors...
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TEN-YEAR TREASURY YIELD GAPS HIGHER -- 20-YEAR TREASURY BOND ISHARES GAP DOWN AND LOOK TOPPY -- THEIR LONGER-RANGE CHART ALSO SUGGESTS A MAJOR BOND TOP IN THE MAKING -- FINANCIAL SPDR AND SMALL CAPS ARE TESTING SUPPORT AT THEIR 50-DAY AVERAGES
by John Murphy,
Chief Technical Analyst, StockCharts.com
TEN-YEAR TREASURY YIELD BOUNCES OFF 200-DAY AVERAGE... My Wednesday message showed the 10-Year Treasury Yield ($TNX) testing its 200-day moving average. Chart 1 shows the TNX gapping 7 basis points higher today after finding support at its 200-day line. I also mentioned on Wednesday that the 10-Year Treasury yield was...
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TEN-YEAR TREASURY YIELD REMAINS IN SHORT-TERM PULLBACK -- IT'S BEING HELD BACK BY EVEN WEAKER FOREIGN YIELDS -- THAT EXPLAINS RECENT WEAKNESS IN FOREIGN CURRENCIES -- COMMODITY PRICES CONTINUE TO STRENGTHEN
by John Murphy,
Chief Technical Analyst, StockCharts.com
TEN-YEAR TREASURY YIELD IS PULLING BACK ... After reaching the highest level in seven months during October, the 10-Year Treasury Yield ($TNX) has experienced a pullback. Chart 1 shows, however, that pullback in the TNX over the last two weeks hasn't been enough to reverse its general uptrend. It...
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WTIC CRUDE OIL CLOSES AT TWO-YEAR HIGH -- ENERGY SHARES WERE THIS WEEK'S STRONGEST SECTOR -- ENERGY SHARES ARE LAGGING TOO FAR BEHIND THE RISING COMMODITY -- THE WTIC/XLE RATIO ALSO BREAKS OUT TO TWO-YEAR HIGH
by John Murphy,
Chief Technical Analyst, StockCharts.com
WTIC COMPLETES BULLISH BREAKOUT... The weekly bars in Chart 1 show WTIC Light Crude Oil ending the week above its early 2017 peak near $55 for the first time in more than two years. That upside breakout puts WTIC in sync with Brent Crude Oil which rose over $60 for...
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Crude Oil is Trading Over $55 For First Time in Two Years
by John Murphy,
Chief Technical Analyst, StockCharts.com
My Wednesday message showed Brent Crude Oil trading over $60 for the first time in more than two years. Brent is trading over $62 today. It also showed West Texas Intermediate Crude Oil (WTIC) trying to break through overhead resistance at $55. Chart 1 shows WTIC trading slightly above that...
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CRUDE OIL IS TRADING OVER $55 FOR FIRST TIME IN TWO YEARS -- THAT'S BOOSTING ENERGY SHARES -- OIL & GAS EXPLORATION AND PRODUCTION SPDR IS ENERGY LEADER -- XOP LEADERS INCLUDE CONCHO RESOURCES, EOG RESOURCES, AND DIAMONDBACK ENERGY
by John Murphy,
Chief Technical Analyst, StockCharts.com
WTIC CRUDE OIL ATTEMPTING BULLISH BREAKOUT OVER $55... My Wednesday message showed Brent Crude Oil trading over $60 for the first time in more than two years. Brent is trading over $62 today. It also showed West Texas Intermediate Crude Oil (WTIC) trying to break through overhead resistance at $55....
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BLOOMBERG COMMODITY INDEX RISES TO EIGHT MONTH HIGH -- BASE METALS ETF REACHES HIGHEST LEVEL IN FOUR YEARS -- BRENT CRUDE OIL EXCEEDS $60 FOR FIRST TIME IN TWO YEARS
by John Murphy,
Chief Technical Analyst, StockCharts.com
BLOOMBERG COMMODITY INDEX REACHES EIGHT-MONTH HIGH... With all of the attention focused on daily stock market records, it may be going unnoticed that commodity prices are starting to show some decent gains. The weekly bars in Chart 1 show the Bloomberg Commodity Index ($BCOM) rising to the highest level in...
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BIG GAINS IN AMAZON, INTEL, MICROSOFT, GOOGLE, AND FACEBOOK PUSH NASDAQ 100 TO NEW RECORD -- AMAZON'S 13% GAIN HELPS LEAD CONSUMER CYCLICALS TO UPSIDE BREAKOUT -- INTEL AND MICROSOFT LEAD TECHNOLOGY SECTOR HIGHER
by John Murphy,
Chief Technical Analyst, StockCharts.com
NASDAQ 100 GAPS TO NEW RECORD ON FRIDAY... It started after the market closed on Thursday when a raft of big internet and technology stocks reported huge earnings which pushed their stock prices higher in after-market trading. It continued on Friday when those stocks scored explosive gains on strong volume....
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10-YEAR BOND YIELD HITS FIVE-MONTH HIGH -- UK AND GERMAN BOND YIELDS ALSO TURN UP -- 3% UK INFLATION INCREASES ODDS FOR RATE HIKE AND BOOSTS POUND -- ECB IS EXPECTED TO REDUCE BOND PURCHASES
by John Murphy,
Chief Technical Analyst, StockCharts.com
TEN-YEAR TREASURY YIELD REACHES SEVEN-MONTH HIGH ... Treasury bond yields are leading an upturn in global bond yields. Chart 1 shows the 10-Year Treasury Yield ($TNX) rising to the highest level since March. Part of the reason for the upside breakout in the TNX is that foreign yields are also rising....
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Bouncing Dollar Hurts Gold, Rising Rates Boost Copper
by John Murphy,
Chief Technical Analyst, StockCharts.com
The fact that U.S. rates are rising faster than elsewhere on the globe is boosting the dollar. A rising dollar usually hurts the price of gold. And it is. Chart 1 shows the upturn in the Dollar Index (UUP) near the start of September (when Treasury yields turned up)...
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BOND YIELDS GAP HIGHER AND NEAR UPSIDE BREAKOUT -- THAT'S HELPING PUSH FINANCIAL SPDR TO NEW RECORD -- BANKS AND INSURERS ARE LEADING XLF HIGHER -- INDUSTRIAL SPDR ALSO NEARS NEW RECORD WITH HELP FROM TRANSPORTS -- MATERIAL SPDR NEARS NEW RECORD
by John Murphy,
Chief Technical Analyst, StockCharts.com
UPSIDE BREAKOUT IN BOND YIELDS MAY BE IMMINENT... Bonds yields are jumping again today. That may be based on increased chances for a tax reform package. Chart 1 shows the 10-Year Treasury Yield ($TNX) gapping 6 basis points higher in Friday trading. That puts the TNX within striking distance of...
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BOND YIELDS ARE JUMPING AGAIN -- THAT'S GIVING A BOOST TO FINANCIAL STOCKS -- RISING STOCK/BOND RATIO SHOWS MONEY ROTATING FROM TREASURIES INTO STOCKS -- THE MSCI ALL COUNTRY WORLD EX US ETF IS RISING FASTER THAN THE U.S.
by John Murphy,
Chief Technical Analyst, StockCharts.com
TEN-YEAR TREASURY YIELDS IS RISING AGAIN... After a modest setback last week, global bond yields are rising again. Chart 1 shows the 10-Year Treasury Yield ($TNX) climbing four basis points today. The TNX appears headed for another test of its July/early October peaks formed near 2.40%. An eventual...
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PULLBACK IN BOND YIELDS CAUSES PROFIT-TAKING IN BANKS -- BUT KBE CHART PATTERN REMAINS POSITIVE -- WEAKER DOLLAR BOOSTS COMMODITIES -- BASE METALS ETF HITS NEW HIGH -- STEEL ETF LEADS MATERIALS RALLY -- PICK ETF NEARS ANOTHER THREE-YEAR HIGH
by John Murphy,
Chief Technical Analyst, StockCharts.com
BOND YIELDS WEAKEN... Chart 1 shows the 10-Year Treasury Yield ($TNX) pulling back today to the lowest level for the month. The TNX is backing off from a test of its July peak near 2.4% which isn't too surprising. Its 14-day RSI line (top of chart) had...
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GOLD LOSES SAFE HAVEN APPEAL AS STOCKS HIT NEW RECORDS -- GOLD MINERS ARE LEADING BULLION LOWER -- STOCK/GOLD RATIO HAS DONE A GOOD JOB MARKING TURNING POINTS IN BOTH MARKETS -- AND IT'S STILL RISING
by John Murphy,
Chief Technical Analyst, StockCharts.com
GOLD SPDR FAILS TEST OF RESISTANCE LINE... A month ago it looked like gold might be on the verge of a bullish breakout. It didn't happen. My September 7 message showed gold nearing a test of a major "neckline" extending back three years. The weekly bars...
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The NASDAQ 100 Hit a Record High This Week, But Still Lags The S&P 500
by John Murphy,
Chief Technical Analyst, StockCharts.com
Chart 1 shows the Powershares QQQ ETF hitting a record high this week. It was the last of the major stock indexes to do so, and its breakout is a positive sign for the market. It also did slightly better than the rest of the market. The QQQ, however, has...
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THE NASDAQ 100 HIT A RECORD HIGH THIS WEEK, BUT STILL LAGS BEHIND THE S&P 500 OVER THE LAST MONTH -- RISING BOND YIELDS HAVE CAUSED THE QQQ TO LOSE MOST GROUND AGAINST FINANCIALS AND SMALL CAPS -- THE QQQ IS ALSO LAGGING BEHIND ITS EQUAL-WEIGHT VERSION
by John Murphy,
Chief Technical Analyst, StockCharts.com
NASDAQ 100 HITS NEW HIGH... Chart 1 shows the Powershares QQQ ETF hitting a record high this week. It was the last of the major stock indexes to do so, and its breakout is a positive sign for the market. It also did slightly better than the rest of the...
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COPPER PRICES ARE RISING -- SO IS THE GLOBAL X COPPER MINERS ETF -- S&P METALS & MINING ETF IS BEING HELD BACK BY GOLD, SILVER, AND STEEL STOCKS -- MSCI GLOBAL METALS AND MINING ETF OFFERS EXPOSURE TO STRONGER FOREIGN MINERS
by John Murphy,
Chief Technical Analyst, StockCharts.com
COPPER PRICES ARE REBOUNDING ... After rising to the highest level in three years a month ago, the price of copper experienced a modest correction during September. Chart 1 shows the metal pulling back to initial chart support along its August low and its 50-day moving average. But it's...
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AIRLINES LEAD TRANSPORTS AND INDUSTRIAL SPDR TO NEW RECORDS -- DELTA AND AMERICAN AIRLINES RISE ABOVE 200-DAY LINES -- AUTOS AND HOMEBUILDERS LEAD CYCLICALS HIGHER -- HOME CONSTRUCTION ISHARES HIT NEW HIGH
by John Murphy,
Chief Technical Analyst, StockCharts.com
AIRLINES TAKE OFF... Airlines stock are finally gaining some altitude. Previous messages have shown rails, truckers, and delivery service stocks leading the Dow Transports to record highs. My September 20 message described airlines as the weakest part of that sector, but showed them in an oversold condition and trying to...
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RISING RATES CONTRIBUTE TO ROTATIONS -- FINANCIAL SPDR HITS ANOTHER RECORD -- FAANG STOCKS ARE STILL LAGGING BEHIND -- SO IS THE TECHNOLOGY SECTOR -- S&P 500 VALUE ISHARES SHOW NEW LEADERSHIP -- S&P 400 MID CAP INDEX HITS NEW RECORD
by John Murphy,
Chief Technical Analyst, StockCharts.com
FINANCIALS CONTINUE TO LEAD ... Financial stocks continue to build on their strong September gains. Chart 1 shows the Financial Sector SPDR (XLF) hitting a new record high again today. Rising interest rates are the main force driving money into banks, brokers, and insurers. The black line just above the price...
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COMPARISON OF BOND CATEGORIES SUPPORTS THE CASE FOR HIGHER BOND YIELDS -- HIGH YIELD BONDS ARE OUTPERFORMING INVESTMENT GRADE CORPORATES -- CORPORATE BONDS AND TIPS ARE OUTPERFORMING TREASURIES -- SHORTER-MATURITY BONDS ARE OUTPERFORMING LONGER MATURITIES
by John Murphy,
Chief Technical Analyst, StockCharts.com
HIGH YIELD BONDS ARE OUTPERFORMING INVESTMENT GRADE BONDS... One of the ways that we can tell which way interest rates are expected to trend is to compare the relative performance of various bond categories. Let's start with corporate bonds. Chart 1 is a ratio of the iBoxx High...
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BIG JUMP IN BOND YIELDS IS PUSHING FINANCIAL SECTOR TO A RECORD HIGH -- BANKS AND BROKERAGE ETFS ARE ALSO ACHIEVING BULLISH BREAKOUTS -- UTILITIES ARE REITS ARE FALLING WITH BOND PRICES
by John Murphy,
Chief Technical Analyst, StockCharts.com
10-YEAR TREASURY YIELD SURGES TO TWO-MONTH HIGH... The green bars in Chart 1 show the 10-Year Treasury Yield ($TNX) jumping 8 basis points today to reach the highest level since the end of July. The chart also shows the TNX having risen above a falling trendline drawn along its March/...
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SMALL CAP VALUE ETF LEADS RUSSELL 2000 TO RECORD HIGH -- INDUSTRIAL SPDR HITS NEW RECORD -- SO DO THE DOW TRANSPORTS -- RYDER NEARS UPSIDE BREAKOUT -- BANKS CONTINUE TO RISE -- FINANCIAL SPDR NEARS A NEW RECORD
by John Murphy,
Chief Technical Analyst, StockCharts.com
RUSSELL 2000 ISHARES LEAD SMALL CAPS TO RECORD HIGHS... The S&P Small Cap Index ($SML) and the Russell 2000 Small Cap Index ($RUT) are hitting record highs today. Small cap value stocks are the main driver behind the breakout. Chart 1 shows the Russell 2000 Value iShares (IWN)...
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RISING BOND YIELDS MAY BE PULLING MONEY OUT OF TECHNOLOGY INTO CHEAPER PARTS OF THE MARKET -- APPLE, AMAZON, AND GOOGLE LOSE GROUND -- RISING OIL PRICES MAY CONTRIBUTE TO HIGHER BOND YIELDS -- RISING YIELDS ARE BOOSTING SMALL CAPS
by John Murphy,
Chief Technical Analyst, StockCharts.com
APPLE, AMAZON, AND GOOGLE WEIGH ON TECH SECTOR... While the stock market is holding up okay, some rotations are going on beneath the surface. One is the rotation out of large cap tech stocks, former market leaders, into cheaper parts of the market like financials, small caps, and transports. Let&...
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DOW TRANSPORTS RISE TO HIGHEST LEVEL IN TWO MONTHS -- FEDEX AND UNITED PARCEL SERVICE HIT NEW RECORDS -- NORFOLK SOUTHERN AND UNION PACIFIC LEAD DOW JONES US RAILROAD INDEX TO RECORD -- TRUCKING INDEX ALSO HITS NEW RECORD
by John Murphy,
Chief Technical Analyst, StockCharts.com
DOW TRANSPORTS RISE TO TWO-MONTH HIGH... Recent messages have described the gradual improvement in transportation stocks since mid-August. It started with their ability to reclaim their 200-day average in late August, followed by a move back above their 50-day average earlier this month. Chart 1 shows the Dow Jones Transportation...
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DOW JONES INTEGRATED OIL & GAS INDEX IS TRADING OVER ITS 200-DAY AVERAGE AND MAY BE ON VERGE OF UPSIDE BREAKOUT -- CHEVRON TOUCHES THREE-YEAR HIGH -- PHILLIPS 66 NEARS ALL-TIME HIGH -- CONOCOPHILLIPS RISES TO HIGHEST LEVEL IN FOUR MONTHS
by John Murphy,
Chief Technical Analyst, StockCharts.com
DOW JONES US INTEGRATED OIL & GAS INDEX MAY BE BREAKING OUT... Energy stocks have been the market's weakest performers during 2017. They're starting, however, to take a turn for the better, both in absolute and relative terms. Energy has been the market's strongest...
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BANKS ARE LEADING FINANCIAL SECTOR HIGHER -- BANK LEADERS INCLUDE CITIGROUP, BANK OF AMERICA, AND JP MORGAN -- FIVE-YEAR TREASURY YIELD CLEARS 50-DAY AVERAGE -- 7-10 YEAR TREASURY BOND ISHARES ARE TESTING SUPPORT -- UTILITIES WEAKEN ALONG WITH BONDS
by John Murphy,
Chief Technical Analyst, StockCharts.com
FINANCIAL SPDR CLEARS 50-DAY AVERAGE... Financial stocks are helping lead the market higher today. Chart 1 shows the Financial Sector SPDR (XLF) trading at the highest level in five weeks after clearing its 50-day average. Its relative strength ratio (top of chart) continues its September rebound. Banks are leading the...
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Rising Energy Prices Help Boost August CPI, British Pound Surges to Yearly High
by John Murphy,
Chief Technical Analyst, StockCharts.com
ENERGY ETF REACHES FIVE-MONTH HIGH ... It was reported Thursday that the headline CPI for August rose 0.4% from the previous month, which was its biggest monthly gain since January. That boosted its year-over-year comparison to 1.9%, which is just shy of the Fed's target of 2%...
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RISING ENERGY PRICES HELP BOOST AUGUST CPI -- ENERGY ETF REACHES HIGHEST LEVEL IN FIVE MONTHS -- THAT'S HELPING BOOST BOND YIELDS -- SO ARE RISING YIELDS IN THE UK -- THE POUNG SURGES TO HIGHEST LEVEL IN A YEAR
by John Murphy,
Chief Technical Analyst, StockCharts.com
ENERGY ETF REACHES FIVE-MONTH HIGH ... It was reported yesterday that the headline CPI for August rose 0.4% from the previous month, which was its biggest monthly gain since January. That boosted its year-over-year comparison to 1.9%, which is just shy of the Fed's target of 2%...
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STOCK INDEXES ARE DRAWING SUPPORT FROM WEAKER PARTS OF THE MARKET -- THAT INCLUDES ENERGY, FINANCIALS, RETAILERS, SMALL CAPS, AND TRANSPORTS -- GOLD PULLS BACK FROM OVERBOUGHT CONDITION, BUT REMAINS ABOVE BREAKOUT POINT
by John Murphy,
Chief Technical Analyst, StockCharts.com
SMALL CAPS ARE RISING AGAIN ... With the three major stock indexes hitting record highs yesterday, attention remains focused on market leaders. To me, the bigger story may be the resurgence of weaker parts of the market that have been holding it back. Small caps are at the top of the...
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DOLLAR INDEX DROPS TO TWO--YEAR LOW -- EURO IS TRADING OVER 120 -- WHILE CANADIAN DOLLAR HITS TWO-YEAR HIGH -- GOLD IS RISING EVEN FASTER -- GOLD SPDR MAY BE NEARING A MAJOR UPSIDE BREAKOUT -- THAT WOULDN'T BE GOOD FOR STOCKS
by John Murphy,
Chief Technical Analyst, StockCharts.com
DOLLAR INDEX FALLS TO TWO-YEAR LOW... The weekly bars in Chart 1 show the PowerShares U.S. Dollar Index ETF (UUP) falling below its 2016 bottom to the lowest level since the start of 2015. Some of that has to do with the fact that bond yields in the states...
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STOCKS ENDING ON A STRONG NOTE -- AND REMAIN ABOVE MOVING AVERAGE LINES -- SAFE HAVENS LIKE BONDS, GOLD, AND YEN PULL BACK -- THREE-MONTH EXTENSION OF DEBT CEILING HELPS BOOST STOCKS
by John Murphy,
Chief Technical Analyst, StockCharts.com
STOCKS REMAIN ABOVE 50-DAY LINES... Stocks are ending the day on a strong note. Chart 1 shows the Dow Jones Industrial SPDR (DIA) remaining above its 50-day average. Chart 2 shows the S&P 500 SPDR (SPY) bouncing off its 50-day line as well. Chart 3 shows the PowerShares...
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All Bond Categories Are Underperforming Gold In 2017
by John Murphy,
Chief Technical Analyst, StockCharts.com
During the week, I wrote about gold (and gold miners) achieving upside breakouts and outperforming stocks for the first time since 2011. Gold, however, is also doing better than bonds for the first time in six years. Not just some bond categories, but all of them. The chart below plots...
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GOLD IS OUTPERFORMING BOND PRICES -- THAT INCLUDES ALL BOND CATEGORIES -- GOLD/BOND RATIOS ARE BREAKING OUT TO THE UPSIDE OR ARE CLOSE TO DOING SO -- THAT SUGGESTS THAT INVESTORS ARE BUYING GOLD ASSETS AS A HEDGE AGAINST EXPENSIVE BOND AND STOCK MARKETS
by John Murphy,
Chief Technical Analyst, StockCharts.com
ALL BOND CATEGORIES ARE UNDERFORMING GOLD IN 2017... During the week, I wrote about gold (and gold miners) achieving upside breakouts and outperforming stocks for the first time since 2011. Gold, however, is also doing better than bonds for the first time in six years. Not just some bond categories,...
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STOCK INDEXES ARE ENDING AUGUST ON A STRONG NOTE -- WITH THE NASDAQ BACK IN THE LEAD -- TECHNOLOGY AND BIOTECH ETFS HIT NEW HIGHS -- HEALTHCARE IS WEEK'S STRONGEST SECTOR -- SMALL CAPS AND TRANSPORTS ARE REBOUNDING
by John Murphy,
Chief Technical Analyst, StockCharts.com
STOCKS ARE ENDING THE MONTH ON A STRONG NOTE ... Although the month of August will still go down as the weakest month of the year, stock indexes appear to be ending the month on a strong note. And all of them are showing short-term technical improvement. Chart 1, for example,...
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TWO-YEAR LOW IN THE DOLLAR CONTRIBUTES TO UPSIDE BREAKOUT IN GOLD -- GOLD IS OUTPERFORMING STOCKS FOR THE FIRST TIME SINCE 2011 -- BUT NOT ENOUGH TO POSE A SERIOUS THREAT TO STOCKS -- RISING EURO IS HURTING STOXX 50
by John Murphy,
Chief Technical Analyst, StockCharts.com
GOLD ACHIEVES BULLISH BREAKOUT ... After trading sideways for the past five months, gold finally achieved a bullish breakout yesterday. Chart 1 shows the price of gold breaking the $1300 barrier which had turned back previous rallies in April and early June. Gold is adding to that gain today. The flight...
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Stocks Have A Bad Day, August Is Living Up To Its Reputation
by John Murphy,
Chief Technical Analyst, StockCharts.com
S&P 500 FALLS TO SIX-WEEK LOW... Selling pressure resumed with a vengeance today. And a lot of support levels have been broken. Chart 1 shows the S&P 500 falling back below its 50-day average to the lowest level in more than a month. Volume was higher....
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STOCKS HAVE A BAD DAY -- S&P 500 FALLS TO LOWEST LEVEL IN A MONTH -- THE RUSSELL 2000 CLOSES BELOW 200-DAY AVERAGE -- SO DO THE TRANSPORTS -- VOLATILITY MEASURES SPIKE HIGHER
by John Murphy,
Chief Technical Analyst, StockCharts.com
S&P 500 FALLS TO SIX-WEEK LOW... Selling pressure resumed with a vengeance today. And a lot of support levels have been broken. Chart 1 shows the S&P 500 falling back below its 50-day average to the lowest level in more than a month. Volume was higher....
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