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SECTOR WEIGHTINGS IN THE S&P 500 -- KEY SECTORS LEAD WITH STRONG BREADTH -- REGIONAL BANK SPDR GETS BIG REBOUND -- FOUR BANKS WITH BREAKOUT MOVES -- STRONG JOBS NUMBER HITS EURO, BONDS AND GOLD -- ISM INDICES, AUTO SALES AND NON-FARM PAYROLLS COME IN BIG
by John Murphy,
Chief Technical Analyst, StockCharts.com
SECTOR WEIGHTINGS IN THE S&P 500 ... Link for today's video. The four most important sector SPDRs are strong and this supports the long-term uptrend in the large-cap indices ($SPX, $NDX, $INDU). The consumer discretionary sector is the most economically sensitive sector with lots of retail oriented...
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ECB INACTION CAUSES SELLING IN EUROPE -- OIL PRODUCERS LIKE CANADA SUFFER BIGGER LOSSES -- CANADIAN DOLLAR WEAKENS WITH OIL -- CHINA RALLY MAY FUELED BY FALLING OIL -- S&P 500 SUFFERS MINOR SETBACK FROM OVERBOUGHT CONDITION
by John Murphy,
Chief Technical Analyst, StockCharts.com
ECB PUSHES MORE EASING INTO NEXT YEAR ... Mario Draghi announced today that the ECB would wait until the first quarter to consider additional monetary easing. That decision disappointed those who were hoping for quicker action. At the same time, he downgraded prospects for eurozone growth and inflation. Bond prices sold...
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Bullish Seasonals and Cycles Should Push Stocks to Significant Highs in 2015..but will they?
by Martin Pring,
President, Pring Research
* Bullish NYSE percent has likely peaked out. Indicates market will become more selective.
* You can’t keep a good dollar down!
* Emerging market currency fund breaks down. EM are likely to follow.
US Equities
I have always said that trend trumps everything. By that I mean that however bad the...
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HEALTHCARE SECTOR CONTINUES TO LEAD -- NOVO NORDISK AND BIOGEN BOUNCE OFF SUPPORT -- MATERIALS SPDR TESTS ITS BREAKOUT -- PALLADIUM OUTSHINES OTHER METALS -- PALLADIUM ETF HITS KEY JUNCTURE -- ENERGY ISSUES WEIGH ON HIGH YIELD BOND ETF
by John Murphy,
Chief Technical Analyst, StockCharts.com
HEALTHCARE SECTOR CONTINUES TO LEAD... Link for today's video. Healthcare remains one of the strongest sectors in the stock market as the HealthCare SPDR (XLV) hit a new high again on Tuesday. Chart 1 shows XLV surging some 18% from its October low and hitting a series of...
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LARGE-CAP ETF'S LEAD UPSWING WITH NEW HIGHS -- SMALL-CAPS LAG, BUT TREND IS STILL UP -- TWO RISK INDICATORS REMAIN BULLISH FOR STOCKS -- ONE AD LINE DIVERGES FROM THE PACK -- BANK ETFS BREAK DOWN -- A BIG WEEK FOR ECONOMIC AND LABOR INDICATORS
by John Murphy,
Chief Technical Analyst, StockCharts.com
LARGE-CAP ETF'S LEAD UPSWING WITH NEW HIGHS... Link for today's video. The S&P 500 SPDR (SPY) and the Nasdaq 100 ETF (QQQ) remain the strongest of the major index ETFs. SPY represents a broad basket of large-cap stocks, while QQQ represents a basket of...
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PLUNGING OIL HURTS COMMODITY-RELATED ASSETS AND COUNTRIES -- AND BOOSTS US BONDS AND STOCKS -- DAY'S WINNERS INCLUDE RETAILERS AND AIRLINES -- FALLING BOND YIELDS BOOST STAPLES AND UTILITIES
by John Murphy,
Chief Technical Analyst, StockCharts.com
OPEC FAILURE TO CUT CAUSES OIL TO PLUNGE... Thursday's decision by OPEC not to cut oil output has caused that commodity to plunge in value, and has brought other commodities down with it. The weekly bars in Chart 1 show the United States Oil Fund (USO) plunging to...
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A couple of Chinese Equity Sector ETF's break to the Upside
by Martin Pring,
President, Pring Research
* Stock/bond ratio challenges overhead resistance.
* Watch $120 on the GLD.
* Commodities may be set for short-term rally.
US Equities
For some time I have been pointing to several discrepancies in the market that have been troubling. My conclusion was that as long as the uptrend since mid-October was intact...
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WITH CHINA AND JAPANESE STOCKS DOING SO WELL, DON'T FORGET ABOUT EUROPE -- GERMAN STOCKS HIT FIVE-MONTH HIGHS -- BUT BE SURE TO HEDGE OUT CURRENCY RISK -- RECORD LOW GERMAN YIELD PULLS TREASURY YIELD LOWER
by John Murphy,
Chief Technical Analyst, StockCharts.com
CHINESE AND JAPAN STOCKS HAVE BECOME WORLD LEADERS... The two largest Asian stock markets have become two of the world's best gainers this year. The red bars in Chart 1 show the Shanghai Stock Exchange Composite Index ($SSEC) rising to the highest level in more than three years....
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SMALL-CAPS REFUSE TO BUCKLE -- REGIONAL BANK SPDR STALLS -- BIOTECH ETFS BREAK TO NEW HIGHS -- SEMICONDUCTOR SPDR HOLDS SHORT-TERM BREAK -- 20+ YR T-BOND ETF EDGES TOWARDS BREAKOUT -- SHANGHAI COMPOSITE HITS ANOTHER MILESTONE
by John Murphy,
Chief Technical Analyst, StockCharts.com
SMALL-CAPS REFUSE TO BUCKLE... Programming Note: There is no video today because I am working on the road. Also note that I will be taking the rest of the week off to be with family and friends. I will post a Market Message and video next Monday, December 1st. In...
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S&P MIDCAP 400 IS KNOCKING ON THE DOOR -- MICRO-CAP ETF HITS MOMENT-OF-TRUTH -- S&P 500 AND NASDAQ 100 AD LINES SCORE NEW HIGHS -- HIGH-LOW INDICATORS SURGE -- MATERIALS SECTOR GETS A BREADTH SURGE
by John Murphy,
Chief Technical Analyst, StockCharts.com
S&P MIDCAP 400 IS KNOCKING ON THE DOOR... Programming note: I am on the road today and there is no video. Getting the trend right is more than half the battle when it comes to trading and investing. Moreover, once we define the trend, it is important to...
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S&P RETAIL SPDR HITS NEW RECORD -- LEADERS INCLUDE BEST BUY, DOLLAR TREE, AND WILLIAMS SONOMA -- MACY'S BREAKS OUT -- HOMEBUILDING ETF HITS EIGHT-MONTH HIGH -- LED BY LENNAR, DR HORTON, AND PULTEGROUP -- CONSUMER DISCRETIONARY SPDR SHOWS NEW LEADERSHIP
by John Murphy,
Chief Technical Analyst, StockCharts.com
S&P RETAIL SPDR HITS NEW HIGH ... Strong buying of retail stocks continues. I've been showing record highs in the Market Vectors Retail ETF (RTH). Chart 1, however, shows the S&P Retail SPDR (XRT) hitting a record high as well. Its relative strength line (above...
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Tuesday's NASDAQ High Was Accompanied By A Paltry 50 Net New Highs
by Martin Pring,
President, Pring Research
* Value Line Arithmetic is just below important resistance.
* 10-year bond price reacts to its recent breakout point.
* The GLD fails at resistance.
US Equities
The Value Line Arithmetic($VLE) monitors the price of the average stock. It has been one of the weakest areas of the market as demonstrated by...
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CONSUMER STAPLES AND RETAIL ETFS HIT RECORD HIGHS -- RETAILERS ARE BENEFTING FROM FALLING OIL -- DIVIDEND PAYING STAPLES MAY BE BENEFITING FROM LOWER BONDS YIELDS -- A STRONGER DOLLAR IS ALSO KEEPING INFLATION AND GLOBAL BOND YIELDS DOWN
by John Murphy,
Chief Technical Analyst, StockCharts.com
WHY ARE STAPLES AND RETAILERS LEADING ... We generally look at the relative performance of market sectors to get clues about stock market direction. It's normally a good sign, for example, when retailers are doing better than the general market. It's normally a bad sign when consumer...
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MARKET TURNS MIXED AS SMALL-CAPS LAG -- IS RELATIVE WEAKNESS IN THE RUSSELL 2000 REALLY A PROBLEM? -- MARKING SUPPORT FOR THREE MAJOR INDEX ETFS -- AIR PRODUCTS LEADS MATERIALS SECTOR -- XLV HITS NEW HIGH AS PFIZER CHALLENGES RESISTANCE
by John Murphy,
Chief Technical Analyst, StockCharts.com
MARKET TURNS MIXED AS SMALL-CAPS LAG... Link for today's video. As of Mondays close, November has been a mixed month for the stock market. The S&P 500 SPDR, the Dow Diamonds and the Nasdaq 100 ETF are up, while the S&P SmallCap iShares, Russell...
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ENERGY ETFS CONTINUE TO STRUGGLE -- GOOGLE FAILS AT BROKEN SUPPORT AND LAGS -- FACEBOOK FIRMS AFTER GAP -- INTERNET ETF MAINTAINS UPTREND -- GLOBAL SOCIAL MEDIA ETF REVERSES AT KEY RETRACEMENT -- SEMICONDUCTORS COULD HOLD THE NEXT KEY
by John Murphy,
Chief Technical Analyst, StockCharts.com
ENERGY ETFS CONTINUE TO STRUGGLE... Link for today's video. Energy stocks are in the news today because Baker Hughes is attempting to takeover Halliburton. This seemingly positive news did not, however, boost the sector or other energy related ETFs. Perhaps the sector is more focused on oil, which...
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Gold in Yen Breaks to the Upside. Is this the Start of a Broader Trend Feeding Back to the US Dollar Gold Price?
by Martin Pring,
President, Pring Research
* IWM continues to rally but Relative Strength action still lags.
* Dollar diffusion indicator starting to turn down.
* The Gold (GLD) experiences a strong outside bar on heavy volume.
US Equities
Chart 1 shows the Coppock Curve for the S&P 500 ($SPX) . This indicator was designed to identify major...
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EQUAL-WEIGHT TECH AND CONSUMER DISCRETIONARY ETFS LEAD -- S&P 500 NOTCHES ANOTHER NEW HIGH -- SMALL AND MID CAPS CONTINUE TO LAG -- BUT NEW HIGHS SURGE FOR SMALL AND MID CAPS -- HIGH-LOW PERCENT HITS A MILESTONE FOR 2014
by John Murphy,
Chief Technical Analyst, StockCharts.com
EQUAL-WEIGHT TECH AND CONSUMER DISCRETIONARY ETFS LEAD... Link for today's video. There are certainly pockets of weakness in the stock market, but the stock market as a whole shows enough strength to keep the bull going and there were some notable new highs this week. John Murphy wrote...
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WAL-MART JUMPS TO RECORD HIGH -- RETAIL ETFS HAVE BENEFITED FROM PLUNGE IN CRUDE OIL -- LOWER END RETAILERS LIKE COSTCO, TJX, AND TARGET HAVE LED RALLY -- HIGHER END RETAILERS LIKE TIFFANY HAVE LAGGED BEHIND -- MACY'S HAS STRONG WEEK
by John Murphy,
Chief Technical Analyst, StockCharts.com
WAL-MART SHARES EXPLODE... Chart 1 shows Wal Mart surging 4% today to break out to a record high. That's a pleasant change for the world's largest retailer which has hardly been a market leaders. The WMT/SPX relative strength ratio (above chart) is just starting to...
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SHANGHAI-HONG KONG STOCK CONNECT PROGRAM IS SET TO START NEXT MONDAY -- ITS APRIL ANNOUNCEMENT IS THE MAIN REASON SHANGHAI STOCKS HAVE BEEN GAINING ON HONG KONG -- SHANGHAI STOCK INDEX TOUCHES THREE-YEAR HIGH AND IS STARTING TO GAIN ON REST OF THE WORLD
by John Murphy,
Chief Technical Analyst, StockCharts.com
FOREIGNERS WILL BE ABLE TO BUY SHANGHAI STOCKS ... Starting next Monday, foreign investors will be able for the first time to buy and sell stocks listed on the Shanghai Stock Exchange via the Hong Kong Stock Exchange. More than 500 mainland stocks (previously unavailable to foreign investors) will be traded...
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IJR AND QQQ WORK THEIR WAY HIGHER -- BREADTH INDICATORS IMPROVE FOR THE MATERIALS SECTOR -- RETAIL SPDR HITS NEW HIGH AHEAD OF KEY REPORT -- MARKETVECTORS RETAIL ETF SHOWS RELATIVE STRENGTH -- A MIXED BAG FOR APPAREL RETAILERS
by John Murphy,
Chief Technical Analyst, StockCharts.com
IJR AND QQQ WORK THEIR WAY HIGHER... Link for today's video. Last week I featured the S&P SmallCap iShares (IJR) and the Nasdaq 100 ETF (QQQ) because both were holding their gaps and consolidating. After strong buying pressure and a big surge, buying pressure and selling...
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HOME CONSTRUCTION ISHARES MAKES A BREAK -- SHANGHAI COMP SURGES TO NEW HIGH -- CHINA AND JAPAN SHOW RELATIVE STRENGTH -- CHINA INDUSTRIALS LEADS ETF GROUP -- CHINA CONSUMER ETF FIRMS AT KEY LEVEL -- COPPER HITS SUPPORT ZONE AGAIN
by John Murphy,
Chief Technical Analyst, StockCharts.com
HOME CONSTRUCTION ISHARES MAKES A BREAK... Link for today's video. Chart 1 shows the Home Construction iShares (ITB) reversing an eight month downtrend with a surge above its August-September highs. This is the first higher high of 2014. Notice that this is a weekly chart extending back two...
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IJR AND QQQ CONSOLIDATE AFTER GAPS -- THE NEW HIGH PARADE -- LARGE-CAPS LEAD MARKET WITH NEW HIGHS -- SPX AND NDX BREADTH HELD UP THE BEST IN OCTOBER -- SPX AND NDX LEAD EXPANSION OF NEW HIGHS -- THE FIVE STRONGEST SMALL-CAP SECTORS
by John Murphy,
Chief Technical Analyst, StockCharts.com
IJR AND QQQ CONSOLIDATE AFTER GAPS... Link for today's video. The S&P SmallCap iShares (IJR) and the Nasdaq 100 ETF (QQQ) gapped up on Friday and held these gaps all week. Even though these ETFs stalled and did not continue higher, the gaps are holding and...
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POWERSHARES DOLLAR BULLISH ETF BREAKS OUT TO THE UPSIDE -- DOLLAR RALLY IS SUPPORTED BY WIDE PREMIUM OF U.S. BOND YIELDS OVER FOREIGN YIELDS -- STRONGER DOLLAR FAVORS U.S. OVER FOREIGN STOCKS -- EMERGING CURRENCIES TEST MAJOR SUPPORT
by John Murphy,
Chief Technical Analyst, StockCharts.com
POWERSHARES U.S. DOLLAR BULLISH ETF BREAKS OUT TO THE UPSIDE ... The U.S. dollar rally continues. The line on top of Chart 1 shows the U.S. Dollar Cash Index (USD) trading at the highest level in four years. The main chart shows the PowerShares US Dollar Bullish ETF...
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Gold Price in Yen Offers a Thumbs Down on the BOJ's latest Inflationary Moves
by Martin Pring,
President, Pring Research
* Short-term market indicators are still bullish.
* Stock/bond ratio reaches a critical point.
* Yen completes a 28-year top against the dollar.
US Equities
Throughout 2013 and for most of 2014 every peak in the S&P was confirmed by the NYSE Composite ($NYA) . You can see that from the...
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CONSUMER DISCRETIONARY SECTOR WEIGHS ON STOCKS -- WATCHING THE UPSWINGS IN XRT AND ITB -- SMALL-CAP TECH ETF HITS NEW HIGH -- LIGHT CRUDE, BRENT AND GASOLINE BREAK DOWN -- CONSOLIDATIONS END FOR ENERGY-RELATED ETFS
by John Murphy,
Chief Technical Analyst, StockCharts.com
CONSUMER DISCRETIONARY SECTOR WEIGHS ON STOCKS... Link for today's video. The consumer discretionary led the market in 2013, but has lagged the market this year and the price relative just broke to a new low. Chart 1 shows the Consumer Discretionary SPDR (XLY) peaking just below the early...
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HIGH-LOW PERCENT SURGES ACROSS THE BOARD -- FINANCE SECTOR LEADS OFFENSIVE SECTOR BREADTH -- MATERIALS AND ENERGY SHOW WEAKEST BREADTH -- CRUDE OIL CONSOLIDATION EVOLVES -- GASOLINE SLIGHTLY OUTPERFORMS CRUDE -- PALLADIUM HOLDS UP BETTER THAN GOLD
by John Murphy,
Chief Technical Analyst, StockCharts.com
HIGH-LOW PERCENT SURGES ACROSS THE BOARD... Link for today's video. Chartists can use High-Low Percent to measure participation in a market move and compare the degree of participation. High-Low Percent equals the difference between 52-week highs and new 52-week lows divided by the total number of stocks in...
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BIG MOVE BY JAPAN PUSHES GLOBAL STOCKS SHARPLY HIGHER -- THE PLUNGING YEN PUSHES JAPANESE STOCKS TO SEVEN-YEAR HIGH -- DOW RECORD HIGH CONFIRMS TRANSPORTATION BREAKOUT -- S&P 500 HITS RECORD CLOSE AS SMALL CAPS JUMP
by John Murphy,
Chief Technical Analyst, StockCharts.com
JAPAN ANNOUNCES BIG JUMP IN ASSET BUYING... Japanese authorities surprised everyone on Friday by increasing their already aggressive bond purchases (QE) by a third. In addition, it will expand those purchases to include stocks and real estate investments. The Japanese pension fund also announced that it will increase its allocation...
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S&P 500 RECLAIMS 2K -- SMALL-CAPS RIP HIGHER -- SEASONALITY FAVORS SMALL-CAPS (LIVE DEMO) -- SHORT-TERM TREASURY YIELDS SURGE -- FINANCE SECTOR LEADS WITH NEW HIGH -- PUTTING RECENTLY VOLATILITY INTO PERSPECTIVE
by John Murphy,
Chief Technical Analyst, StockCharts.com
S&P 500 RECLAIMS 2K... Link for today's video. Stocks may be short-term overbought and some of the indices may be near their prior highs, but the trends are up and the breadth indicators are bullish. These short-term overbought conditions could give way to a pullback or...
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Inflation Hedge Assets Continue to Break to the Downside (Video)
by Martin Pring,
President, Pring Research
* Outside day hints that the short-term downtrend for bonds may be over.
* Dollar Index may be completing an inverse head and shoulders.
* Stronger dollar forces gold to test its lows.
* Stronger dollar causes gold to break down from a 2-year trading range.
Here is a link to the the text...
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Inflation Hedge Assets Continue to Break to the Downside
by Martin Pring,
President, Pring Research
* Outside day hints that the short-term downtrend for bonds may be over.
* Dollar Index may be completing an inverse head and shoulders.
* Stronger dollar forces gold to test its lows.
* Stronger dollar causes gold to break down from a 2-year trading range.
Here is a link to the video version...
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MARKET INDEXES BREAK MORE RESISTANCE BARRIERS -- SMALLER STOCKS SHOW RELATIVE STRENGTH -- BREADTH FIGURES ALSO SHOW IMPROVEMENT -- BUT DEFENSIVE STOCKS STILL SHOW MARKET LEADERSHIP -- TREASURIES SLIDE AS HIGH YIELD BONDS JUMP
by John Murphy,
Chief Technical Analyst, StockCharts.com
S&P 500 HITS NEW OCTOBER HIGH ... The S&P 500 reflects continued improvement in the stock market's short-term trend. The daily bars in Chart 1 show the SPX climbing above its 50-day moving average (blue line) and chart resistance at its early October intra-day peak...
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VIX TRIGGERS THIRD SIGNAL OF 2014 -- KRE AND IWM CHALLENGE ANOTHER SUPPORT BREAK -- SOME REFINERS SHOW RELATIVE STRENGTH WITHIN ENERGY SECTOR -- TESORO AND PHILLIPS BOUNCE OFF KEY RETRACEMENTS -- REFINERS ON THE RELATIVE ROTATION GRAPH
by John Murphy,
Chief Technical Analyst, StockCharts.com
VIX TRIGGERS THIRD SIGNAL OF 2014... Link for today's video. The S&P 500 Volatility Index ($VIX) is largely a coincident indicator that rises when the S&P 500 falls and falls when the S&P 500 rises. As with the S&P 500,...
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CONSUMER STAPLES AND UTILITIES SPDRS SURGE TO NEW HIGHS -- OIL ETFS BREAK PENNANT LINES -- XOP AND XES FOLLOW OIL LOWER -- INITIAL CLAIMS AND INDUSTRIAL PRODUCTION FAVOR LESS QE -- TIP SHOWS INFLATIONARY PRESSURES DECREASING
by John Murphy,
Chief Technical Analyst, StockCharts.com
CONSUMER STAPLES AND UTILITIES SPDRS SURGE TO NEW HIGHS... Link for today's video. The defensive sectors took the lead on Monday with the Consumer Staples SPDR (XLP) and the Utilities SPDR (XLU) hitting fresh 52-week highs. Relative strength and upside leadership in these two sectors shows a preference...
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THE KEY TO THE UPSWING IN IWM -- RAFF REGRESSION CHANNEL DEMO -- BREADTH THRUST IS BULLISH UNTIL IT ISN'T -- ELEMENTS OF RISK AVERSION REMAIN -- MEDICAL DEVICES ETF CHALLENGES PRIOR HIGHS -- OIL AND GASOLINE CONSOLIDATE WITHIN DOWNTRENDS
by John Murphy,
Chief Technical Analyst, StockCharts.com
THE KEY TO THE UPSWING IN IWM (RAFF REGRESSION CHANNEL DEMO)... Link for today's video. Chart 1 shows the Russell 2000 iShares (IWM) with Raff Regression Channels marking the swings over the last six months. The overall trend is down because the ETF formed a lower high in...
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MARKET RALLY CONTINUES -- RAILS LEAD TRANSPORTS HIGHER -- MMM LEADS INDUSTRIAL SPDR ABOVE 50-DAY LINE -- SMALL CAPS ALSO IMPROVE -- DIVIDEND PAYERS ATTRACT BUYERS ON FALLING BOND YIELDS -- VIX PLUNGES BACK BELOW 20 -- OVERSOLD FOREIGN SHARES REBOUND
by John Murphy,
Chief Technical Analyst, StockCharts.com
RAILS LEAD TRANSPORTS HIGHER ... Not only are stocks extending their recent rally with a strong day, they're being led higher by economically-sensitive groups like transports. The daily bars in Chart 1 show the Dow Jones Transportation Average trading 2% higher today and trading above its 50-day moving average....
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Bearish Candle Patterns Indicate a Test of Last Week's Lows are Likely
by Martin Pring,
President, Pring Research
* Short-term momentum is still oversold, so a rally is probable once the expected test is over.
* Any rally likely to be part of an overall topping out process.
* Europe experiences primary trend sell signal.
* Japanese and Asian Ex Japan ETF’s look vulnerable from a long-term aspect.
This week we...
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MEASURING RISK APPETITE WITH MICRO-CAPS -- RUSSELL 2000 ISHARES RE-CAPTURES ONE BREAK -- CONSUMER DISCRETIONARY AND INDUSTRIALS SECTORS LEAD THE REBOUND -- ITB FORMS A BIG REVERSAL ON BIG VOLUME -- OIL SERVICE ETF FIRMS AFTER SELLING CLIMAX
by John Murphy,
Chief Technical Analyst, StockCharts.com
MEASURING MICRO-CAPS FOR RISK APPETITE... Link for today's video. The Russell Micro-Cap iShares (IWC) is an important ETF to watch because it represents the appetite for the riskiest stocks in the market. Small-cap stocks are deemed riskier than large-caps and micro-cap stocks are deemed riskier than small-caps. Micro-caps...
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SPY GETS STUCK BETWEEN A GAP AND A HARD PLACE -- FALLING YIELD CURVE WEIGHS ON REGIONAL BANKS -- RETAILER SPDR STRUGGLES TO STAY POSITIVE -- TWO DISCOUNTERS SHOW RELATIVE STRENGTH -- WATCHING MACY'S AND NORDSTROM FOR CLUES
by John Murphy,
Chief Technical Analyst, StockCharts.com
SPY GETS STUCK BETWEEN A GAP AND A HARD PLACE... Link for today's video. Chart 1 shows the S&P 500 SPDR (SPY) forging a short-term reversal last week. Notice how the ETF gapped below 187 on Wednesday, stalled for two days and then gapped above 187...
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CRB INDEX TESTS MAJOR SUPPORT -- BOND SURGE SHOWS EXHAUSTION -- JUMP IN HIGH YIELD BONDS IS ENCOURAGING -- S&P 500 BOUNCES FROM OVERSOLD CONDITION -- BUT MORE TESTING MAY BE NEEDED -- SMALL CAP RALLY FADES ON FRIDAY
by John Murphy,
Chief Technical Analyst, StockCharts.com
CRB INDEX IS TESTING MAJOR SUPPORT... I'm starting today's message with a look at commodity prices because they've been the focus of a lot of attention of late. That's because falling commodity prices are deflationary in nature, which is something central bankers...
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S&P 500 HITS LONG VOLUME-BY-PRICE BAR -- S&P MIDCAP 400 FULFILLS DOUBLE TOP TARGET -- SMALL-CAP PRICE RELATIVE BOUNCES -- SECTOR ROTATIONS FAVOR DEFENSIVE SECTORS -- TWO SMALL-CAP SECTORS TO WATCH -- PLUNGE IN SHORT-TERM RATES SHOWS FLIGHT TO SAFETY
by John Murphy,
Chief Technical Analyst, StockCharts.com
S&P 500 HITS LONG VOLUME-BY-PRICE BAR... On an intraday basis, the S&P 500 fell around 10% from its summer high to the mid October low. Even though a 10% decline may seem drastic, it still pales relative to the 50% advance from the November 2012 low...
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