Here is a link to the April edition of Market Round Up for 2018. Martin-Pring-Market-Roundup-April-2018 from StockCharts.com on Vimeo. 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... READ MORE
MAJOR STOCK INDEXES RETEST UNDERLYING SUPPORT LEVELS ... Stocks started the second quarter under heavy selling pressure. Some major stock indexes saw losses in excess of 2%. Today's selling is resulting in retests of important underlying support levels. Chart 1 shows the Dow Industrials touching its 200-day average... READ MORE
VANGUARD TOTAL STOCK MARKET ETF LOST LESS THAN 1%... Despite all the volatility during the first quarter, the first three months of 2018 weren't really that bad. The Dow Industrials were the biggest losers with a quarterly drop of -2.5%. The broader S&P 500 Index... READ MORE
* Is the market forming a double bottom? * Short-term indicators suggest the bottoming process is nearly complete Sometimes a technical event or characteristic becomes very popular very quickly as a lot of people write and blog about them. Usually, the expectations based on those forecasts are not met. For example,... READ MORE
DOW AND THE S&P 500 ARE RETESTING 200-DAY LINES ... The Dow and the S&P 500 are still in the process of retesting underlying support levels near their 200-day averages and February lows. Chart 1 shows the Dow Industrials retesting its February intra-day low... READ MORE
WORLD STOCK INDEX HEADED FOR A TEST OF ITS FEBRUARY LOW AND ITS 200-DAY AVERAGE... Stocks around the world had a terrible week. Foreign stocks fell along with the U.S. That's not unusual since global stocks become tightly correlated on the way down. Selling in Chinese... READ MORE
* Breadth is more of a positive than a negative factor * Global breadth is also positive * Dow Diffusion Indicator close to a buy signal * Consumer cyclicals versus technology Since early February, the US equity market, in the form of the NYSE Composite, has been in a trading range. This is flagged... READ MORE
U.S. STOCK INDEXES BREAK SUPPORT LINES ... Major U.S. stock indexes are under heavy selling today and are breaking some important support lines. Chart 1 shows the Dow Industrials falling below a trendline extending back to early February. That signals a possible drop back to its February intra-day... READ MORE
PRICE OF OIL NEARS THREE-YEAR HIGH... WTIC Light Crude is trading more than 2% higher today near $65. The weekly bars in Chart 1 (plotted through yesterday) show Light Crude Oil also nearing another three-year high. Brent crude is in a similar situation. Chart 2 shows the United... READ MORE
OVER-EXTENDED TECHNOLOGY SPDR TURNS LOWER... Last Wednesday's message showed the technology sector looking over-extended and vulnerable to profit-taking. So this week's tech selling wasn't too much of a surprise. The daily bars in Chart 1 shows the Technology SPDR (XLK) falling... READ MORE
* Longer-term perspective * Short-term Charts * Dollar trying to break to the upside Longer-term perspective At its December 18 peak of $18,723, the Bitcoin Index ($NYXBT) outstripped all other bull markets in recorded history. By this yardstick alone this phenomenon qualifies as a mania. So far, the post... READ MORE
DOW TRANSPORT UPTREND IS ALSO STALLED AT 50-DAY AVERAGE... Yesterday's message showed the Dow Industrials falling below their 50-day average. Today's message shows the Dow Transports doing the same. The daily bars in Chart 1 show the Dow Jones Transportation Average backing off from... READ MORE
BOEING LEADS INDUSTRIAL SPDR BELOW ITS 50-DAY LINE... The stock rally is starting to lose some upside momentum. That's partially because some market sectors are running into resistance at their 50-day moving average. The daily bars in Chart 1 show the Industrial Sector SPDR (XLI) slipping... READ MORE
STRONG EMPLOYMENT REPORT BOOSTS STOCKS... A blockbuster employment report this morning is giving a big boost to stocks which were already in rally mode going into the report on easing tariff concerns from yesterday afternoon. U.S. employers added 313,000 jobs in February which was way above estimates and... READ MORE
* The indicated main trend is currently bearish * What a more broadly-based Dollar index is saying * Swiss Franc completes a small top * Copper and the Dollar The indicated main trend is currently bearish The Dollar Index peaked in November 2016 and has so far bottomed in January of this year.... READ MORE
S&P 500 CLOSES JUST SHY OF ITS 50-DAY AVERAGE... Late buying today pushed stocks higher and on rising volume. The daily bars in Chart 1 show the S&P 500 rising 12 points today (0.46%) to end at 2738 which is one point shy of... READ MORE
SMALL AND MIDCAP STOCKS INDEXES CLEAR 50-DAY AVERAGES... Last Wednesday's message pointed out that smaller stocks were leading large caps lower. Small and midcap indexes had fallen below their 50-day average which increased odds that the S&P 500 would do the same, which it... READ MORE
GRAIN PRICES ARE LEADING COMMODITY RALLY THIS YEAR ... My market message from January 6 expressed the view that commodity prices appeared to be bottoming, which could increase inflation pressures later this year. It also suggested that the chart of the CRB Index might actually be understating the inflation threat. That... READ MORE
* Two bullish piercing white lines * A sector spread that predicts new stock market highs * Two sectors affected by the proposed tariffs Last week I wrote that the indicators seemed to be calling for a test of the early February low. My expectation was for a sharper and more prolonged decline... READ MORE
S&P 500 BOUNCES OFF 100-DAY AVERAGE... Last Friday's midday message showed the S&P 500 testing chart support near 2640 and in a short-term oversold condition (black line). After rallying off that support level on Friday afternoon, stocks built on those gains today.... READ MORE
POWERSHARES QQQ IS TESTING 50-DAY AVERAGE ... Wednesday's message showed the PowerShares QQQ (representing the Nasdaq 100 Index) pulling back from overhead resistance at its late January peak. That suggested profit-taking in the technology-dominated QQQ and the rest of the market. It also suggested a retest... READ MORE
Here is the market analysis reviewing the current market outlook. There is a host of information on commodities, bonds and US equities. Market Roundup With Martin Pring 2018-03-01 from StockCharts.com on Vimeo. Chartcon 2018 registration is now open! Registration kicked off today, February 1st! Chartcon 2018! Follow... READ MORE
S&P SMALL AND MIDCAP INDEXES FAIL TEST OF 50-DAY AVERAGE... The pullback in stocks that started yesterday is continuing today. And it's being led down by smaller stocks. Chart 1 shows the S&P 600 Small Cap Index ($SML) falling decisively back its blue... READ MORE
* US is breaking out relative to the world * Growth breaks decisively against value * Blue Tuesday US is breaking out relative to the world Chart 1 shows that the ratio between the US stock market, in the form of the S&P Composite ($SPX), and the World Index (ACWI) often... READ MORE
TEN-YEAR BOND YIELD IS BACK OVER 2.90% ... After a modest pullback that started last Thursday, bond yields are climbing again today. The daily bars in Chart 1 show the 10-Year Treasury Yield ($TNX) jumping 6 basis points to 2.92% and within striking distance of its four-... READ MORE
STOCK INDEXES GAIN MORE GROUND -- QQQ NEARS TEST OF OLD HIGH... U.S. stock indexes continue to gain more ground today and have now regained about three-quarters of their recent correction. Charts 1 and 2 show the Dow Industrials and S&P 500 trading at three-week highs... READ MORE
TEN-YEAR BOND YIELD IS WEAKENING ... The uptrend in bond yields is starting to weaken. The daily bar in Chart 1 show the 10-Year Treasury yield falling 5 basis points to 2.87%. More importantly, its 14-day RSI line overlaid over the price bars is falling to the... READ MORE
* General market thoughts * Sectors under pressure * Stronger looking sectors General market thoughts My thoughts on the recent correction is that we have likely seen the low, that more ranging action is likely, probably involving a test of that low, but that eventually US equities will see new bull market highs.... READ MORE
TECHNOLOGY SECTOR CONTINUES TO SUPPORT MARKET ... My last sentence from yesterday's message was that the stock market was unlikely to suffer any serious short-term damage as long as technology stocks kept rising. That's because technology is such a big part of the stock market. And... READ MORE
SEMICONDUCTOR ISHARES HAVE A STRONG DAY... Semiconductor stocks are the strongest part of the market today. Chart 1 shows the PHLX Semiconductor iShares (SOXX) trading more than 2% higher today and moving further above its 50-day moving average. The SOXX has also risen above its 20-day moving average... READ MORE
* Pinocchio argues for a test of the lows * European equities are facing a big challenge * Shanghai starting to look sick Pinocchio argues for a test of the lows Last week I suggested that the S&P had reached a resistance zone following its bounce from the early February panic... READ MORE
COMMODITY PULLBACK IS TIED TO STOCKS... My January 27 message wrote about a bullish breakout in commodity prices to the highest level in two years. I took that as another sign that inflation pressures were starting to build. The weekly bars in Chart 1 show that bullish breakout taking place... READ MORE
* Path of recoveries from recent declines have been mixed * S&P is at short-term resistance * Some reliable short-term indicators not quite there yet * Yen breaks out from a large base Path of recoveries from recent declines have been mixed After five straight up days since the February... READ MORE
MAJOR STOCK INDEXES BOUNCE BACK FROM EARLY SELLING ... January's CPI report came in higher than expected and caused stocks to open lower. The headline reading of 2.1% and core reading (excluding food and energy) of 1.8% were higher than economists were expecting. After opening lower, stocks... READ MORE
REGIONAL BANK SPDR CLEARS 50-DAY AVERAGE... One of the simplest ways to determine which stock groups, or individual stocks, are leading the market higher is to look for the ones that are clearing their 50-day moving averages first (or stayed above them). Yesterday's message showed the... READ MORE
MARKETS MOVE FURTHER AWAY FROM 200-DAY LINE... Stocks continue to build on the upside reversal that took place on Friday from 200-day moving averages. The daily bars in Chart 1 show the S&P 500 gaining enough ground today to climb back over its 100-day line... READ MORE
* Bottoms are being “hammered” out * VIX is quietening down * Net new highs offer green shoots * NASDAQ Chart is turning Bottoms are being “hammered” out It has certainly been a wild ride this week, but Friday saw several major indexes trace out a Japanese candlestick pattern known as a “hammer”. This... READ MORE
S&P 500 IS TESTING ITS 200-DAY AVERAGE ... The downside correction that started a week ago pushed stock prices lower again today. But they're trying to stabilize in afternoon trading. Chart 1 shows the S&P 500 trying to find support at its 200-day... READ MORE
MAJOR STOCK INDEXES ARE RETESTING TUESDAY'S INTRA-DAY LOWS... Stocks are falling sharply again today and are in the process of retesting intra-day support levels formed on Tuesday. That's an important test. The 10-minute bars in Chart 1 shows the Dow Industrials testing lows... READ MORE
10-YEAR TREASURY YIELD NEARS ANOTHER FOUR-YEAR HIGH ... A plunging stock market earlier in the week caused some safe-haven bond buying which caused bond yields to weaken. Chart 1, however, shows the 10-Year Treasury yield climbing 7 basis points today and very close to another four-year... READ MORE