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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 

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RETAIL SPDR JUMPS TO A FOUR-MONTH HIGH AND HAS BECOME A NEW MARKET LEADER -- RETAIL LEADERS INCLUDE MACYS, UNDER ARMOUR, AND NIKE -- RISING BOND YIELDS BOOST THE DOLLAR WHICH HELPS SMALL CAP STOCKS -- RUSSELL 2000 HITS A NEW RECORD

by John Murphy,

Chief Technical Analyst, StockCharts.com

S&P RETAIL SPDR GOES FROM LAGGARD TO LEADER... A strong April retail report yesterday was credited with helping push bond yields to the highest level in seven years. That's because it showed strong consumer spending which is two-thirds of the U.S. economy. Retail stocks must...   READ MORE 

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TEN-YEAR TREASURY YIELD RISES TO SEVEN-YEAR HIGH -- REGIONAL BANKS GAIN ON HIGHER YIELDS -- WHILE RATE SENSITIVE REITS TUMBLE -- S&P 500 SUFFERS MODEST PULLBACK -- DOLLAR JUMPS TO SIX-MONTH HIGH WHICH HURTS GOLD BUT SUPPORTS SMALL CAPS

by John Murphy,

Chief Technical Analyst, StockCharts.com

TEN-YEAR TREASURY REACHES 3.08%... The 10-year Treasury yield rose 8 basis points today to 3.08% which pushed it above its late 2013 peak near 3.03%. The monthly bars in Chart 1 shows the TNX now trading at the highest level since the summer of 2011. That'...   READ MORE 

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CHARTS SUGGEST THAT STOCKS HAVE TAKEN A TURN FOR THE BETTER -- VANGUARD TOTAL STOCK MARKET ETF BREAKS THROUGH RESISTANCE BARRIERS -- FOREIGN STOCK ETFS ARE ALSO BOUNCING -- HONG KONG LEADS EMERGING MARKET REBOUND -- DON'T GET COMPLACENT ON INFLATION

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS APPEAR TO HAVE TURNED THE CORNER ... Stocks had a very good week. Major U.S. stock indexes had their best week in two months, with all of them gaining more than 2%. Small caps and the Nasdaq led the market higher. The S&P 600 Small Cap Index...   READ MORE 

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This Rally Looks Like It Has Legs

by Martin Pring,

President, Pring Research

* When a top is not a top * The rally is broadly based * Is the US about to out-perform the world again? When a top is not a top Last week I pointed out that several indicators were positioned for a nice rally. However, one of the lingering questions related to...   READ MORE 

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DOW INDUSTRIALS NEAR UPSIDE BREAKOUT -- TRANSPORTS ARE ALSO NEARING APRIL HIGH -- BANKS AND FINANCIALS SHOW MARKET LEADERSHIP -- % OF NYSE STOCKS ABOVE 200-DAY MOVING AVERAGE TURNS UP -- COMMON STOCK ONLY AD LINE HITS NEW RECORD

by John Murphy,

Chief Technical Analyst, StockCharts.com

LOOKING FOR A DOW THEORY BUY SIGNAL ... It's always a good sign to see the Dow Industrials and Transports rising together, as they're doing today. The price bars in the upper chart show the Dow Industrials testing their mid-April peak at 24,900. An upside breakout...   READ MORE 

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THE NASDAQ 100 IS LEADING THE MARKET HIGHER -- SO IS THE TECHNOLOGY SECTOR -- THE S&P 600 SMALL CAP INDEX IS BREAKING OUT TO A NEW RECORD -- THE RUSSELL 2000 ISN'T FAR BEHIND -- THAT'S PULLING LARGE CAPS HIGHER

by John Murphy,

Chief Technical Analyst, StockCharts.com

NASDAQ 100 AND TECHNOLOGY SECTOR ACHIEVE BULLISH BREAKOUTS ... The technical picture for the stock market continues to improve on a lot of fronts. One of them is this week's upside breakout in Nasdaq market. Chart 1 shows the PowerShares Nasdaq 100 (QQQ) climbing above its mid-April high to...   READ MORE 

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THREE-YEAR HIGH IN OIL MAKES ENERGY MARKET LEADERS -- S&P OIL & GAS EXPLORATION & PRODUCTION SPDR BREAKS OUT -- OCCIDENTAL AND EOG ARE XOP LEADERS -- RISING OIL AND BOND YIELDS EXPLAIN WHY ENERGY SHARES ARE DOING BETTER THAN UTILITIES

by John Murphy,

Chief Technical Analyst, StockCharts.com

ENERGY SHARES HAVE BECOME MARKET LEADERS... This shouldn't come as news to readers of this website. Articles written by myself and my colleagues at Stockcharts.com have been bullish on crude oil and energy stocks since the first quarter. So this is just an update of an ongoing...   READ MORE 

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Buy In May And Say Hooray?

by Martin Pring,

President, Pring Research

* Sell in May does not have a great track record * Technology continues to outpace staples, and that’s bullish * Technology, consumer cyclicals and REITS are well positioned for a rally Sell in May does not have a great track record If there is a seasonal saying that seems ubiquitous at...   READ MORE 

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MESSAGE FROM FEBRUARY PUT CURRENT TRIANGULAR FORMATION IN ELLIOTT WAVE CONTEXT -- TRIANGLES NORMALLY HAVE FIVE WAVES WITH THREE PULLBACKS -- THIS PAST WEEK'S PULLBACK WAS THE THIRD ONE

by John Murphy,

Chief Technical Analyst, StockCharts.com

FEBRUARY MESSAGE SUGGESTED THAT TRIANGULAR FORMATION WAS LIKELY... Everyone is talking about the triangular formation that the stock market has been forming over the last three months. It's important that the situation leading up to that formation be understood, as well as its meaning. My February 21 Market...   READ MORE 

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STOCKS ARE ENDING THE WEEK ON A STRONG NOTE -- NASDAQ 100 CLEARS 50-DAY AVERAGE -- SO DOES THE RUSSELL 2000 -- THE THIRD SUCCESSFUL TEST OF 200-DAY MOVING AVERAGES IS A GOOD SIGN

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS REBOUND OFF 200-DAY LINES... Stocks are ending the week on a strong note. Chart 1 shows the Dow surging more than 300 points after surviving another test of its 200-day average yesterday. Chart 2 shows the S&P 500 doing just as well. Both indexes still need to...   READ MORE 

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MARKET TEST CONTINUES -- THE DOW AND S&P 500 DIPPED BELOW THEIR 200-DAY AVERAGES -- THAT PUTS THE MARKET IN DANGER OF RESTESTING ITS 2018 LOWS -- INDUSTRIAL AND FINANCIAL SPDRS LED MARKET LOWER

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOW AND S&P 500 DIP BELOW 200-DAY LINES... Stocks started the day under pressure. Chart 1 shows the Dow Jones Industrial Average trading below its 200-day moving average this morning (before recovering later in the day). A close below the red line would signal that a test of...   READ MORE 

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Dollar Breakout Starts To Infect Other Markets

by Martin Pring,

President, Pring Research

* Dollar Index breaks to the upside * Dollar sympathy relationships * The Aussie Dollar close to a mega signal for itself and commodities Dollar Index breaks to the upside Chart 1 shows that the Dollar Index falsely broke to the downside at the very beginning of the year. In the last couple...   READ MORE