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STOCK INDEXES ARE STILL CLIMBING -- NASDAQ HITS NEW RECORD -- S&P 500 TRADES AT FIVE-MONTH HIGH -- CHIP STOCKS FINDING SUPPORT ABOVE 200-DAY LINE -- FINANCIALS ARE BOUNCING AGAIN -- BANK OF AMERICA LEADS BANKS HIGHER

by John Murphy,

Chief Technical Analyst, StockCharts.com

MAJOR STOCK INDEXES ARE STILL CLIMBING ... All three of the major U.S. stock indexes are building on last week's gains. Chart 1 shows the Dow Industrials moving further above 25K and nearing a test of its June high. The Dow is being led higher by Johnson &...   READ MORE 

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STOCKS ARE HAVING A POSITIVE WEEK -- THE DOW IS TRYING TO CLOSE OVER 25K -- THE S&P 500 IS CHALLENGING ITS MARCH HIGH - UNITED TECHNOLOGIES, ROCKWELL COLLINS, AND BOEING LEAD A STRONG AEROSPACE GROUP HIGHER

by John Murphy,

Chief Technical Analyst, StockCharts.com

S&P 500 IS CHALLENGING MARCH HIGH ... Stocks are ending the week on a positive note. The Nasdaq hit a new record high yesterday. Today's rally is being led by the Dow and S&P 500. Chart 1 shows the Dow Industrials trying to end above...   READ MORE 

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Bond Yields Showing Some Vulnerability

by Martin Pring,

President, Pring Research

* A look at the primary and secular trends * Interesting momentum study points to lower bond yields * Bond Net New Highs set to pounce in either direction * Slight softening in confidence hints at lower yields In the June and July editions of my Market Roundup webinars I pointed out the possibility...   READ MORE 

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DROP IN CHINESE MARKET STARTED WITH JUNE 15 TARIFFS -- SINCE THEN CHINESE STOCKS AND CURRENCY HAVE FALLEN TOGETHER -- AGRICULTURAL COMMODITIES AND BASE METALS PEAKED IN JUNE WITH CHINESE MARKET

by John Murphy,

Chief Technical Analyst, StockCharts.com

MOST COMMODITIES ARE IN THE RED ... Commodity prices have been falling sharply over the last month. And Chart 1 shows where most of the selling has taken place. The black line shows the Invesco Commodity Tracking Fund (DBC) still 4% higher since the start of the year. That's...   READ MORE 

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FINANCIALS LEAD THE MARKET HIGHER -- FINANCIAL SPDR BOUNCES OFF CHART SUPPORT -- BANK ETFS DO THE SAME WITH REGIONALS IN THE LEAD -- DOW INDUSTRIALS CLEAR THEIR 50-DAY LINE TO LEAD MAJOR STOCK INDEXES HIGHER -- TRANSPORTS ARE ALSO HAVING A STRONG DAY

by John Murphy,

Chief Technical Analyst, StockCharts.com

FINANCIALS ARE THE DAY'S STRONGEST SECTOR ... My June 30 message suggested that the market needed more help from financial stocks and industrials if it was going to gain ground during the second half of the year. It's getting help from both today. Let's start...   READ MORE 

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What Would It Take For The Charts To Signal A Top In Oil?

by Martin Pring,

President, Pring Research

* Technical picture is ripe for a turn, but the main trend is up right now * Tuesday’s outside day could be the first domino * Negative divergences between several energy components Technical picture is ripe for a turn, but the main trend is up right now The oil price remains in...   READ MORE 

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STOCKS START SECOND HALF ON AN UP NOTE -- HEALTHCARE SPDR ACHIEVES BULLISH BREAKOUT -- BIOGEN LEADS BIOTECH RALLY -- BUT A LOT OF OTHER BIOTECHS ARE RISING AS WELL -- PHARMACEUTICAL ISHARES ALSO BREAK OUT -- MERCK, ELI LILLY, AND PFIZER LEAD DRUG RALLY

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS START SECOND HALF ON A STRONG NOTE ... After a shaky month of June, stocks started the second half of the year on a positive note. And moving average lines continue to play an important role in that stronger start. Chart 1 shows the Dow Industrials ending the week on...   READ MORE 

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HEALTH CARE SPDR ACHIEVES BULLISH BREAKOUT -- BIOTECH ISHARES REACH HIGHEST LEVEL IN SIX MONTHS -- STOCKS END WEEK ON STRONG NOTE WITH ALL ELEVEN SECTORS GAINING GROUND

by John Murphy,

Chief Technical Analyst, StockCharts.com

HEALTHCARE SPDR ACHIEVES BULLISH BREAKOUT... On a day when stocks are rising, and all eleven market sectors are in the black, healthcare is the standout performer. Chart 1 shows the Health Care SPDR (XLV) rising to the highest level since the middle of March. The bottom box shows the XLV/...   READ MORE 

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THE DOW ENDS JUST ABOVE ITS 200-DAY AVERAGE -- WHILE THE S&P 500 REGAINS ITS 50-DAY LINE -- THE RUSSELL 2000 AND NASDAQ 100 LEAD MARKET HIGHER -- SEMICONDUCTOR ISHARES BOUNCE OFF THEIR 200-DAY AVERAGE TO LEAD TECH SECTOR HIGHER

by John Murphy,

Chief Technical Analyst, StockCharts.com

MOVING AVERAGE LINES ARE STILL HOLDING... Major stock index continue to find support around moving average lines. Chart 1 shows the Dow Industrials rising 181 points (+0.75%) to close at 24356. That was enough to put it just above its 200-day moving average. Other stock indexes did even better....   READ MORE 

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Wider Implications For A Sick Looking Dr. Copper?

by Martin Pring,

President, Pring Research

* Copper signals a primary bear market * Copper’s influence on commodities in general * Copper and bond yields It’s often said that Copper has a PHD in economics because it is used widely in many economic sectors. As a result, long-term reversals in its price trend often foreshadow general swings...   READ MORE 

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July Market Round Up With Martin Pring 2018-07-01

by Martin Pring,

President, Pring Research

Here is the link to my current thoughts about the global markets. 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...   READ MORE 

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STOCKS GAINED GROUND DURING SECOND QUARTER -- SECTOR LEADERS WERE ENERGY, TECHNOLOGY, REITS, AND UTILITIES -- INDUSTRIALS AND FINANCIALS WERE THE WEAKEST -- FINANCIALS REMAIN IN DOWNTREND -- BANKS ETFS REMAIN UNDER PRESSURE

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOW AND S&P 500 GIVE UP SOME OF FRIDAY'S GAINS... First a quick update on Friday's price action. The Dow and S&P 500 gave up some of their gains on Friday afternoon. The Dow gained 55 points (+0.23%) but ended slightly...   READ MORE 

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STOCKS ARE OFF TO A STRONG START -- THE DOW AND S&P 500 REGAIN MOVING AVERAGE LINES -- THE NASDAQ HOLDS 50-DAY LINE -- ENERGY, FINANCIALS, MATERIALS, AND INDUSTRIALS LEAD THE MARKET HIGHER -- CHINA LEADS REBOUND IN EMERGING MARKETS

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOW REGAINS ITS 200-DAY MOVING AVERAGE... Stocks are off to a strong start today. Wednesday's late selloff pushed the Dow below its 200-day average. Chart 1, however, shows the Dow Industrials regaining that long-term support line this morning. Chart 2 shows the S&P 500 regaining its...   READ MORE 

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EARLY RALLY FADES AS STOCKS SUFFER DOWNSIDE REVERSAL DAY -- THE DOW AND S&P 500 CLOSE BELOW MOVING AVERAGE LINES -- THE NASDAQ FOLLOWS TECHNOLOGY STOCKS LOWER -- ENERGY SHARES FOLLOWED CRUDE OIL HIGHER -- UTILITIES RALLIED WITH BONDS AS YIELDS DROPPED

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOWNSIDE REVERSAL DAY ENDS RALLY ATTEMPT ... This morning's market rebound didn't last for long. By day's end the market had suffered a downside reversal day. And some support levels were broken. Chart 1 shows the Dow Industrials falling 165 points (-.68%) and ending...   READ MORE 

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Global and US Equity Markets On A Knife Edge

by Martin Pring,

President, Pring Research

* The US on a knife edge * Global markets are also on the edge * Individual regions largely around key support Last week I wrote about the important upside breakout in the US market vis a vis the rest-of-the-world, and a previous article pointed out that the S&P had also...   READ MORE 

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OVERSOLD DOW BOUNCES OFF 200-DAY AVERAGE -- INDUSTRIALS AND MATERIALS ARE ALSO GAINING -- CRUDE OIL NEARS ANOTHER YEARLY HIGH -- THAT'S MAKING ENERGY THE DAY'S STRONGEST SECTOR

by John Murphy,

Chief Technical Analyst, StockCharts.com

THE DOW IS LEADING TODAY'S RALLY ... After weighing on the rest of the market all month, the Dow is leading today's rebound. And it couldn't come at a better time. Chart 1 shows the Dow Industrials bouncing off chart support near their late-May low...   READ MORE 

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TECHNOLOGY SECTOR LEADS NASDAQ LOWER -- SEMICONDUCTORS ARE LEADING THE TECH RETREAT -- MICRON AND NVIDIA ARE BIG LOSERS -- THE DOW AND S&P 500 ARE TESTING MOVING AVERAGE LINES -- THE VIX INDEX JUMPS TO ONE-MONTH HIGH

by John Murphy,

Chief Technical Analyst, StockCharts.com

NASDAQ AND TECHS LEAD MARKET LOWER ... Tech stocks and the Nasdaq are leading the rest of the market lower. Chart 1 shows the Nasdaq 100 (QQQ) falling more than 2% today and bearing down on its 50-day average. The Nasdaq is the weakest of the major market indexes. Falling technology...   READ MORE 

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OVERSOLD DOW IS BOUNCING FROM CHART SUPPORT -- SO ARE BOEING AND CATERPILLAR -- OPEC AGREEMENT BOOSTS CRUDE OIL AND ENERGY SHARES -- CHEVRON AND EXXON MOBIL LEAD DOW HIGHER -- TECHNOLOGY SHARES EXPERIENCE SOME PROFIT-TAKING

by John Murphy,

Chief Technical Analyst, StockCharts.com

THE DOW IS BOUNCING OFF CHART SUPPORT ... The Dow Industrials have been the weakest part of the U.S. stock market over the last month. That's been due primarily to its heavier exposure to stocks with more vulnerability to any Chinese trade tariffs like Boeing and Caterpillar. Those...   READ MORE 

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RISING DOLLAR IS CAUSING FOREIGN STOCKS TO UNDERPERFORM THE U.S -- BUT THE U.S. USUALLY DOES BETTER WHEN FOREIGN STOCKS ARE ALSO RISING -- THE VANGUARD EX-USA ETF IS TESTING ITS FEBRUARY LOW -- WHILE EMERGING MARKETS ISHARES TEST LONG-TERM SUPPORT LINES

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOLLAR HAS BIG IMPACT ON GLOBAL MONEY FLOWS ... The direction of the U.S dollar has a big impact on how U.S. stocks perform relative to foreign stocks. As a rule, a stronger dollar favors U.S. stocks, while a weak dollar favors foreign stocks. Chart 1 shows how...   READ MORE 

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Global Equities Are Falling Apart But It's MAGA For US Relative Action

by Martin Pring,

President, Pring Research

* New bull market high for US equity relative action * International markets are breaking down * Commodities lose some upside momentum US equities have been hit hard so far this week, but that’s nothing compared to China, Emerging Markets, Europe and other markets around the globe. As a result, we are...   READ MORE 

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DOVISH ECB OFFSETS HAWKISH FED -- DROP IN EURO BOOSTS DOLLAR -- GOLD AND DOLLAR WON'T BOUNCE TOGETHER FOR LONG -- FINANCIALS FAIL TO RESPOND TO FED RATE HIKE -- REITS TRY TO HOLD 200-DAY LINE -- S&P 500 NEARS TEST OF ITS MARCH HIGH

by John Murphy,

Chief Technical Analyst, StockCharts.com

ECB WON'T RAISE RATES FOR ANOTHER YEAR ... The Fed raised its short-term rate by a quarter point yesterday as expected. But it also added a fourth rate hike this year which gave its announcement a more hawkish tilt. That had the immediate effect of boosting Treasury bond yields...   READ MORE 

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What Is The Gold Price Telling Us About The Stock Market?

by Martin Pring,

President, Pring Research

* Stocks are rising against gold and that’s bullish * The long-term trend points to gold under-performing stocks * Stock/Gold ratio breaks out from a right-angled broadening formation The price of gold, over the short-term, typically rises and falls on global tensions or lack thereof. Longer-term trends though, are more influenced...   READ MORE 

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NYSE Breakout Is Supported By Eight Sectors

by Martin Pring,

President, Pring Research

* NYSE breakout * Multi-sector breakouts * Green shoots coming through for Europe and emerging markets NYSE breakout Monday’s action has seen the NYSE Composite, the $NYA complete a 4-month reverse head and shoulders pattern. If that breakout holds, and there are few grounds for suspecting that it won’t, it’s...   READ MORE 

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DOW TRANSPORTS RESUME UPTREND -- WHILE UTILITIES CONTINUE TO WEAKEN -- TRANSPORTATION/UTILITIES RATIO RISES TO NEW RECORD

by John Murphy,

Chief Technical Analyst, StockCharts.com

TRANSPORTS REACH FIVE-MONTH HIGH -- WHILE UTILITIES FALL ... The Dow Industrials exceeded their May high last week to reach the highest level in three months. And are higher again today. But today it's the transports' turn to lead the Dow family of stocks higher. Chart 1 shows...   READ MORE 

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HEALTHCARE SPDR TURNS UP -- PHARMA IS LEADING -- PHARMACEUTICALS SPDR REACHES THREE-MONTH HIGH -- PHARMA LEADERS ARE ABBOTT LABS, LILLY, AND PFIZER -- ZOETIS HITS NEW RECORD -- SOME MONEY MAY BE ROTATING FROM TECHS INTO CHEAPER DRUG STOCKS

by John Murphy,

Chief Technical Analyst, StockCharts.com

HEALTHCARE SPDR TURNS UP... Last Friday's message suggested that the healthcare sector appeared to be basing. But it needed a close over its April/May highs to turn its trend from "sideways" to "up". Chart 1 shows the Health Care SPDR (XLV) exceeding those...   READ MORE 

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EURO CONTINUES TO REBOUND FROM IMPORTANT CHART SUPPORT -- IT'S BEING SUPPORTED BY RISING EUROZONE BOND YIELDS -- A WEAKER DOLLAR MAY BE GIVING A BOOST TO COPPER AND OIL -- ENERGY IS DAY'S STRONGEST SECTOR

by John Murphy,

Chief Technical Analyst, StockCharts.com

EURO CONTINUES TO REBOUND FROM IMPORTANT CHART SUPPORT ... Global stocks fell on Tuesday May 29 on concerns that a new election in Italy might provide a threat to the eurozone. My message on the following day (May 30) wrote about global stocks starting to recover from that scare. Included in...   READ MORE 

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CONSUMER CYCLICALS SPDR TESTS JANUARY HIGH -- HEALTHCARE SPDR NEARS AN UPSIDE BREAKOUT -- FINANCIALS ARE BOUNCING OFF 200-DAY AVERAGE AND LEADING TODAY'S RALLY -- GROWTH STOCKS CONTINUE TO OUTPACE VALUE

by John Murphy,

Chief Technical Analyst, StockCharts.com

CONSUMER CYCLICALS NEAR NEW RECORD ... My message from Thursday, May 24 wrote about consumer cyclical stocks continuing to show relative strength. That earlier message attributed that mostly to strong leadership from apparel retailers. That's been the story again this week with retailers continuing to rally. Chart 1 shows...   READ MORE 

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Market Round Up June 2018

by Martin Pring,

President, Pring Research

Here is the link for the June 2018 Market Round Up. 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 

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Equities At A Make-Or-Break Level What To Look Out For

by Martin Pring,

President, Pring Research

* CPI adjusted S&P is just above a long-term make-or-break point * The rest of the world is at the brink * US market looks stronger CPI Adjusted S&P is just above a long-term make-or-break point Last week I pointed out that US equities were experiencing a marginal upside...   READ MORE 

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Market Roundup Live May 2018

by Martin Pring,

President, Pring Research

This is the Market Roundup for May 2018. 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 

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STRONG JOBS REPORT BOOSTS STOCKS -- S&P 500 NEARS MAY HIGH -- QQQ REACHES TWO-MONTH HIGH -- INTEL AND ALPHABET ARE LEADING IT HIGHER -- AMGEN LEADS UPTURN IN BIOTECH ISHARES -- HEALTHCARE SPDR APPEARS TO BE BASING

by John Murphy,

Chief Technical Analyst, StockCharts.com

S&P 500 NEARS MAY HIGH... A stronger than expected jobs report for May is giving a boost to stocks today. So is the fact that European stocks are rising (as well as Italy's bond and stock markets). In addition, yesterday's stock selling in response...   READ MORE 

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STOCKS ARE REBOUNDING FROM YESTERDAY'S SELLING -- THE DOW AND S&P 500 BOUNCE OFF 50-DAY LINES -- SMALL CAPS HIT NEW HIGHS WHILE NASDAQ TESTS TOP OF TRADING RANGE -- FINANCIALS REBOUND TODAY WITH BOND YIELDS -- THE EURO IS TESTING IMPORTANT CHART SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOW AND S&P 500 ARE BOUNCING OFF 50-DAY AVERAGES ... Stocks around the world sold off sharply yesterday (Tuesday) in a global flight from risk resulting mainly from a political crisis in Italy and, to a lesser extent, renewed threats of sanctions against China. A surge in Italian bond...   READ MORE 

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US Equities Are Breaking Out Against The World

by Martin Pring,

President, Pring Research

* SPY experiences important relative breakouts * World A/D Line unexpectedly breaks trend * European and Emerging markets ETF’s experience major breakdowns SPY experiences important relative breakouts Earlier this morning I had the idea of writing about the relationship between the US and international markets, as this ratio usually does well...   READ MORE 

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STOCKS TRADE SIDEWAYS BUT END WEEK SLIGHTLY HIGHER -- FALLING CRUDE OIL MADE ENERGY THE WEAKEST SECTOR -- WHILE FALLING BOND YIELDS MADE UTILITIES THE STRONGEST -- INTERMARKET ANALYSIS SUGGESTS THOSE TWO TRENDS ARE LINKED

by John Murphy,

Chief Technical Analyst, StockCharts.com

UTILITIES WERE WEEK'S STRONGEST SECTOR WHILE ENERGY WAS THE WEAKEST... Stocks ended the week with small gains while continuing to trade in a sideways consolidation pattern. Technology stocks showed relative strength thanks to a strong semiconductor group. So did consumer cyclicals which were led higher by apparel retailers....   READ MORE 

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Two Markets Close To Basket Case Status

by Martin Pring,

President, Pring Research

* Commodities looking short-term toppy * Copper close to a bear market signal that it may escape * Oil trend is still positive but vulnerable * Two markets close to a major breakdown In a global stock market of predominantly long-term bullish charts, two country funds stand out as being on the verge of...   READ MORE 

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APPAREL RETAILERS ARE HAVING A STRONG DAY -- TODAY'S RETAIL LEADERS ARE GAP, FOOT LOCKER, AND KOHLS -- CONSUMER DISCRETIONARY SPDR CONTINUES TO SHOW RELATIVE STRENGTH -- SO DO THE TRANSPORTS -- MICRON TECHNOLOGY LEADS CHIP STOCKS HIGHER

by John Murphy,

Chief Technical Analyst, StockCharts.com

APPAREL RETAILERS ARE GETTING MORE EXPENSIVE... My message on Wednesday of last week showed the S&P Retail SPDR (XRT) hitting a four-month high and becoming a new market leader. Yesterday's message showed the XRT rebounding enough to stay above its recent breakout point. Retailers are continuing...   READ MORE 

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STOCK INDEXES END HIGHER AFTER HOLDING CHART SUPPORT -- DOW LEADERS ARE BOEING, INTEL, AND MICROSOFT -- RETAILERS LEAD S&P 500 HIGHER -- NASDAQ 100 IS DAY'S STRONGEST INDEX -- NETFLIX HITS NEW RECORD

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOW BOUNCES OFF SHORT-TERM CHART SUPPORT... An early morning pullback for the Dow found support along the lows of last week before ending the day higher. That was the same story for the other major stock indexes. The black line in Chart 1 shows the Dow Industrials staying above that...   READ MORE 

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BOEING AND CATERPILLAR LEAD INDUSTRIAL SPDR HIGHER -- THE DOW INDUSTRIALS ARE BREAKING OUT TO THE UPSIDE -- SO ARE THE TRANSPORTS -- THAT SIGNALS A DOW THEORY BUY SIGNAL IN THE MAKING

by John Murphy,

Chief Technical Analyst, StockCharts.com

INDUSTRIAL SPDR IS BREAKING OUT ... Good news on the tariff dispute with China is giving a big lift to stocks today. While all sectors are gaining ground, the day's leader is the industrial sector. Chart 1 shows the Industrial SPDR (XLI) rising pretty decisively above a falling four-month...   READ MORE 

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MORTGAGE RATES HIT A SEVEN-YEAR HIGH ALONG WITH TEN-YEAR TREASURY YIELD -- RISING MORTGAGE RATES MAY BE CONTRIBUTING TO SELLING OF HOMEBUILDING STOCKS -- A RECORD HIGH IN THE PRICE OF LUMBER ALSO RAISES THE COSTS OF BUILDING A NEW HOUSE

by John Murphy,

Chief Technical Analyst, StockCharts.com

RISING MORTGAGE RATES ARE WEIGHING ON HOMEBUILDERS ... The first page of today's Wall Street Journal carries the headline: "Era of Ultracheap Mortgages Ends as Rates Hit 7-Year HIgh". The article goes on to point out that rising mortgage rates might make it harder for prospective home...   READ MORE 

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Steady As She Goes: Several Indicators Say The Market Is Headed Higher

by Martin Pring,

President, Pring Research

Volume is offering a mixed picture Last week I pointed out that several short-term indicators, including breadth and net new high indicators, were still pointing north. One area that was not showing any strength of note was volume, in the form of the PVO for the NYSE. Chart 1 shows...   READ MORE