* Global Stocks Join Global A/D Line Above Key Trend Lines * Bitcoin Looking Better After an 80% Drop * Inflation vs. Deflation Global Stocks Join Global A/D Line Above Key Trend Lines Global stocks, represented in the form of the MSCI World Stock ETF (ACWI), peaked in January of last... READ MORE
POSITIVE IMPLICATIONS FROM A STRONGER CHINA... My Thursday message showed an index of foreign stocks turning higher, which relieved concerns that weaker foreign stocks could start to weigh on U.S. stocks (as they did near the end of last year). To the contrary, rising foreign stocks are now supporting... READ MORE
FOREIGN STOCKS ARE RISING ... Much of the concerns over the past year have centered around weakness in foreign stocks, and whether that would eventually pull U.S. stocks lower. The general feeling seemed to be that sooner or later the discrepancy between strong U.S. stocks and weak foreign stocks... READ MORE
U.S. STOCK INDEXES HEADING TOWARD TEST OF LAST YEAR'S HIGH... Major stock indexes in the U.S. appear on track to test their all-time highs reached during the second half of 2018. Chart 1 shows the Nasdaq Composite Index trading today at the highest level since early... READ MORE
* S&P Relative Action Edging Through Resistance * British Pound Going Wobbly Before Brexit? * Mega Buy Signal Could be in Store for the Shanghai Composite * Gold at a Momentum Downtrend Line as Well S&P Relative Action Edging Through Resistance We have all heard about the US economy being... READ MORE
The monthly Market Roundup video for April is now available. Good luck and good charting, Martin J. Pring The views expressed in this article are those of the author and do not necessarily reflect the position or opinion of Pring Turner Capital Group of Walnut Creek or its affiliates.... READ MORE
MAJOR STOCK INDEXES MAINTAIN THEIR 2019 UPTRENDS ... Major U.S. stock indexes appear on track to end the week and quarter with their 2019 uptrends intact. Chart 1 shows the Dow Industrials in a sideways trading pattern over the last month. This week's pullback bounced off its (blue)... READ MORE
TREASURY YIELDS FOLLOW BUNDS LOWER ... German 10-year bunds were sold below zero at today's auction which is keeping downside pressure on Treasury yields. The daily bars in Chart 1 show the 10-Year Treasury yield falling today to the lowest level since the end of 2017. That's... READ MORE
* Long-Term Picture Remains Finely Balanced * Short-Term Indicators Still Showing Weakness * Confidence is Starting to Erode Again * Financials Break Down from a Broadening Wedge Earlier in the month, I wrote about the Ides of March and the fact that the market looked overstretched, apparently in need of some mean reversal corrective... READ MORE
PLUNGE IN BOND YIELDS CAUSES YIELD CURVE TO INVERT ... Weak economic numbers from the eurozone and the U.S. on Friday pushed bond yields here and in Europe sharply lower and caused heavy profit-taking in global stocks. The 10-Year German bond yield fell into negative territory (below zero) for the... READ MORE
* Deflation Index Leading the Market Higher * Inflation/Deflation Ratio Starting to Break in a Deflationary Direction * Several Deflation-Sensitive Industry Groups Looking Stronger Deflation Index Leading the Market Higher Last week, I wrote about the possibility of an upside price move in the bond market. So far, most areas remain below... READ MORE
NASDAQ AND S&P 500 HAVE CLEARED THEIR NOVEMBER HIGH... Just a week after slipping below their 200-day averages, the Nasdaq Composite Index in Chart 1 and the S&P 500 in Chart 2 appear to be ending the week above their November highs. That's the... READ MORE
* Adjusted vs. Unadjusted Prices * Bonds Reflect the Fine Current Balance Between Inflationary and Deflationary Forces Adjusted vs. Unadjusted Prices Chart 1 shows that the iShares 20-year Trust ETF, the TLT, has been in a trading range since late 2014. Currently, the price is above its 12-month MA and the long-term... READ MORE
TECHNOLOGY SPDR HOLDS ITS 200-DAY LINE ... Stocks are off to a strong start for the week. All stock sectors are in the green today led by technology, energy, communications, financials, and cyclicals. All stocks sectors are also in the green with the technology-dominated Nasdaq in the lead. The Dow Industrials... READ MORE
HAPPY TENTH ANNIVERSARY... Today marks the tenth anniversary of the bull market in stocks that started on March 9, 2009. It's already the longest in history, and the first bull market to last ten years. According to the Wall Street Journal, the S&P 500 has gained... READ MORE
CONSUMER DISCRETIONARY SPDR IS BACK BELOW ITS 200-DAY AVERAGE... As of today, the Nasdaq Composite Index and the S&P 500 are trading back below their 200-day averages. That leaves only the Dow Industrials still above that long-term support line. A number of sector ETFs have either failed a... READ MORE
* Dollar Diffusion Gives a Buy Signal * Differential Interest Rates Turn Bullish for the Dollar * $NYA and $COMPQ Drop Below Their 200-Day MAs One would think that a record trade deficit would be bearish for the dollar. However, the market does not agree, as the Invesco Bullish Dollar ETF (UUP) just... READ MORE
GLOBAL STOCKS TURN DOWN FROM OVERBOUGHT TERRITORY... Several of the writers on this site have been pointing out that the strong 2019 stock rally had become over-extended, and was up against formidable chart resistance at their November high. So it's not a big surprise to see some profit-taking... READ MORE
* Strong Broadly-Based Rally * NYSE Declining Peaks and Troughs Still in Force * Several Short-Term Indicators Starting to Point South Strong Broadly-Based Rally The rally dating from Christmas Eve has been a powerful one, generating an approximate 20% gain from its low. It has also been broad, not only enabling the NYSE... READ MORE
KOHLS AND TARGET LEAD RETAILERS HIGHER ... Chart 1 shows Kohls (KSS) surging 7% to clear its 200-day average and trade at the highest level since November. Chart 2 shows Target (TGT) up nearly 5% and also trading at the highest level in three months. The broadline retailer is also trading... READ MORE
NOVEMBER HIGH IS BEING TESTED ... After having one of the strongest starts to a new year in history, major stock indexes find themselves testing yet another potential overhead resistance barrier. And they're doing so while in an over-extended technical condition. But they've been looking over-extended for... READ MORE
TREASURY BOND ETFS ARE UP AGAINST CHART RESISTANCE... Last Thursday's message suggested that an overbought Treasury bond market was looking vulnerable to some profit-taking. That's still the case. The weekly bars in Chart 1 show the 7-10 Year Treasury Bond IShares (IEF) just below potential overhead... READ MORE
* Shanghai Composite Secular Uptrend Line is Still Intact * If China Rallies, Will It Take Commodities Along for the Ride? * China vs. Hong Kong * Chinese ETFs Experiencing a Reversal Shanghai Composite Secular Uptrend Line is Still Intact Chart 1 features a really important benchmark for the Shanghai Composite - a secular... READ MORE
CISCO, INTEL, AND MICROSOFT ARE DOW LEADERS ... A glance at today's most actives list for the Dow shows three stocks attracting a lot of the buying. Chart 1 shows Cisco (CSCO) surging to an all-time high. Its rising relative strength line (upper box) shows it leading the Dow... READ MORE
MAJOR STOCK INDEXES TEST OVERHEAD RESISTANCE ... All three major U.S stocks are testing overhead resistance barriers. Chart 1 shows the Dow Industrials right up against their early December peak at 26000. That's the Dow's first test of a previous peak formed during the fourth quarter... READ MORE
TEN-YEAR TREASURY YIELD REMAINS WEAK ... Despite renewed optimism in the stock market which has had a spectacular start to the new year, Treasury yields remain surprisingly low. Chart 1 shows the 10-Year Treasury Yield ($TNX) still trading close to its lowest level in a year. The TNX also remains below... READ MORE
* Superior Breadth Over Price Does Not Always Have a Positive Outcome * Weighted versus Equal Weight Chart 1 shows that the NYSE A/D Line touched a new high last week and seems to be leading the S&P higher. The textbooks tell us that a broad advance, such as... READ MORE
NASDAQ MAY BE THE THIRD MAJOR STOCK INDEX TO CROSS ITS RED LINE ... Charts 1 and 2 show the Dow Industrials and S&P 500 building on their gains after rising above their 200-day averages (red lines). Both now appear headed for a test of their early December peaks.... READ MORE
S&P 500 CROSSES ABOVE ITS 200-DAY AVERAGE... Up to last night, the Dow Industrials were the only major stock index to trade above their 200-day average. The S&P 500 closed marginally above its 200-day line yesterday. Chart 2 shows the SPX extending that gain over its... READ MORE
* Dollar About to Break New Ground? * Euro Starting to Break Down * Swiss Franc at a Major Juncture Point * The Fortunes of the Canadian, Australian and EM Currencies are Tied to Commodities Dollar About to Break New Ground? I last wrote about the dollar at the end of January, pointing out... READ MORE
DOLLAR INDEX NEARS NEW HIGH... The recent upturn in the dollar is continuing today. The daily bars in Chart 1 show the Invesco U.S. Dollar Index Fund (UUP) jumping to the highest level in two months and nearing a challenge of its December high. A close above that chart... READ MORE
200-DAY MOVING AVERAGES CONTAIN THE RECENT RALLY... With stocks losing ground over the past two days, it looks like the 200-day averages that we've all been watching have managed to contain the 2019 rally. Chart 1 shows the S&P 500 pulling back from that red overhead... READ MORE
S&P 500 AND NASDAQ ARE TESTING 200-DAY AVERAGES ... It seems that everyone is watching 200-day moving averages. That's because the strong rebound since the end of December has pushed major U.S. stock indexes back to that overhead resistance line. What they do there should help... READ MORE
* Three Major Averages are at their 200-Day MAs * The NYSE Has Been Declining for a Year * Will There Be Another Whipsaw? Today, of course, is the State of the Union Address, but for the markets it might well be the “State of the 200-Day Moving Average,” as that’s the... READ MORE
S&P 500 NEARS TEST OF 200-DAY MOVING AVERAGE... The daily bars in Chart 1 show the S&P 500 nearing a test of its 200-day moving average (red line). That's an important test for it and rest of the stock market. A strong stock market... READ MORE
The Market Roundup Video For February is now available. Good luck and good charting, Martin J. Pring The views expressed in this article are those of the author and do not necessarily reflect the position or opinion ofPring Turner Capital Groupof Walnut Creek or its affiliates.... READ MORE
THE DOW IS THE FIRST TO REACH ITS 200-DAY AVERAGE... The stock rally that began right after Christmas is continuing today. Major stock indexes have been heading up to challenge potential overhead resistance at their 200-day moving averages. Chart 1 shows the Dow Industrials being the first major stock index... READ MORE
GOLD ETFS ARE IN RALLY MODE ... Today is Fed day which could have an impact on several markets. The Fed isn't expected to raise its short-term rate today. But what it says after the meeting could have an impact. Two things are being watched very closely. The first... READ MORE
* The Long-Term Trend for Commodities Remains Bearish * What the Stock Market is Telling Us About Commodities * Short-Term Picture Not So Strong Recently, we have seen several reports of a weakening economy. These include a sharp drop in both the University of Michigan and Conference Board consumer sentiment and confidence numbers,... READ MORE
MAJOR U.S. STOCK INDEXES HEAD TOWARD 200-DAY AVERAGES ... My Wednesday message expressed concern that several stock indexes were in danger of falling back below their 50-day averages, which would have put their January rebound in jeopardy. As today's first three charts show, however, the blue 50-day lines... READ MORE