Member
Posted 23 July 2018 - 10:48 AM
...or next week.
It's being formed as you read it, since last week when the ST top was made.
Choppy, but this market action reminds me of previous tops.
Hey, I could be wrong,,,,, but more times I am right than wrong!
SO, where will the top be? Can't say, could be SPX 2875, 2850, 2820, or it was already put in place!
Member
Posted 23 July 2018 - 10:49 AM
IT top for me is defined as a decline of more than a month.
Member
Posted 23 July 2018 - 03:04 PM
Stealthy sneaky yield!
10yr up to 2.97%
NEW YORK, July 23 (Reuters) – Benchmark 10-year U.S. Treasury yields rose to their highest in five weeks on Monday as the Federal Reserve was seen as likely to continue raising interest rates despite criticism from President Donald Trump.
A White House official told CNBC on Friday that Trump is concerned the U.S. central bank will raise rates two more times this year.
Trump had earlier questioned the Fed’s expected pace of hikes in posts on Twitter, saying it takes away from the United States’ “big competitive edge” and could hurt the U.S. economy.
Indications that the Bank of Japan may scale back its monetary stimulus more quickly than expected also weighed on bonds globally.
Reuters reported on Friday that the Japanese central bank was discussing modifying its easing program. That added to concerns about reduced demand for government debt as central banks reduce their huge bond-buying programs.
“Trumps headlines definitely had people adjust positions but also the story about (Japanese government bonds) and potential tweaks by the BOJ has Japanese bonds on the move,” said Justin Lederer, an interest rate strategist at Cantor Fitzgerald in New York.
“Its a continuation of a trade; global bonds in general are trading heavy today,” Lederer said.
Benchmark 10-year Treasury notes fell 18/32 in price to yield 2.960 percent, the highest since June 14 and up from 2.893 percent on Friday. The yield curve between two-year and 10-year notes expanded to 33 basis points, its steepest since June 29.
The Fed is seen as likely to raise rates for the third time this year in September and could be more compelled to continue rate hikes to show its independence as a result of the criticism.
Is this a situation where one would expect the Fed to give in to presidential pressure or would this simply embolden the Feds plans to move forward? I would say its probably the latter, said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York.
This weeks economic focus will be Fridays U.S. gross domestic product reading for the second quarter, which will be evaluated for indications on how last years tax overhaul and recent trade tariffs are influencing growth.
The Treasury Department will sell $101 billion in coupon-bearing supply this week, including $35 billion in two-year notes on Tuesday, $36 billion in five-year notes on Wednesday and $30 billion in seven-year notes on Thursday. (Reporting by Karen Brettell; Editing by Dan Grebler and James Dalgleish) )
https://newstage.com...-accommodative/
Member
Posted 24 July 2018 - 07:56 AM
In progress: final phase of blowout, after which IT decline begins.
ST SELL still valid because SPX closed below the daily BUY STOP, by only a few tenths of a point but still below.
ST BUY could be triggered today if the SPX daily close is above 2812.7
Member
Posted 24 July 2018 - 12:43 PM
The IT decline may be aborted with the new middle-class tax cut proposal from Brady, news flash a few moments ago.
(TROLL)
Member
Posted 24 July 2018 - 04:06 PM
That's the type of daily candle that could signal the IT top..
The Nasdaq Composite has one thing in common with Tiger Woods — a blown lead.
In fact, the technology-laden gauge saw its biggest reversal from a gain since Feb. 21, according to WSJ Market Data Group. At its peak, the index was up Tuesday by as many as 86.92 points, a gain of about 1.1%, only to limp out of the session with a loss. The Nasdaq COMP, -0.01% finished at 7,840.77, a slide of less than 0.1%.
The intraday erosion of momentum for the equity gauge, known for its concentration of popular technology and internet-related stocks, including Google-parent Alphabet GOOGL, +3.89% GOOGL, +3.89% , Apple Inc.AAPL, +0.73% and Microsoft Corp. MSFT, -0.02% , among many others, was a notable feature of Tuesday’s trading action.
The Nasdaq’s move also came as Alphabet jumped by more than 3% following earnings results that topped expectations.
Meanwhile, the Dow Jones Industrial Average DJIA, +0.79% rose 197.65 points, or 0.8%, to about 25,242, while the broad-market S&P 500 index SPX, +0.48% gained 13.42 points, or 0.5%, to 2,820, with nine of its 11 main sectors closing higher.
Tuesday’s move for the Nasdaq had resulted in a fresh intraday record for the benchmark, with the market having been powered by optimism around a recent batch of second-quarter earnings. To be sure, the Nasdaq has outperformed its peer benchmarks since a February selloff sent the S&P 500 and the Dow into correction territory, typically defined as a decline of at least 10% from a recent peak.
The Nasdaq has climbed 13.6% so far in 2018, while the S&P 500 has gained 5.5% and the Dow has advanced by 2.1% in that time.
In reference to Woods, the golf pro held sole position of the lead at the British Open, a major championship on the PGA Tour, on Sunday until a double-bogey on the 11th hole and a bogey on the following hole knocked him soundly off his perch.
—Douglas Kobin contributed to this article
Member
Posted 24 July 2018 - 04:50 PM
This morning while broadcasting the final market update during the MarketWatchers LIVE show, I commented on the bifurcation of the market. Large-Caps in general were enjoying a rally, but mid- and small-caps were running to the downside. After the market close, I received an email alert that the S&P 400 and its sister ETF, IJH triggered Short-Term Price Momentum Oscillator (PMO) SELL signals. I took a peek at the S&P 600 ETF (IJR), and noted a very negative PMO configuration. Both indexes have bearish intermediate-term indicators. ...
http://stockcharts.c...teriorate-.html
Member
Posted 24 July 2018 - 09:46 PM
In progress: final phase of blowout, after which IT decline begins.
ST SELL still valid because SPX closed below the daily BUY STOP, by only a few tenths of a point but still below.
ST BUY could be triggered today if the SPX daily close is above 2812.7
Daily closed above 2812. Are you still short or flipped long ?
Member
Posted 25 July 2018 - 07:02 AM
LONG
but wondering if it is worth trading this choppy market
Still looking for an IT high
Member
Posted 25 July 2018 - 09:27 AM
LONG
but wondering if it is worth trading this choppy market
Still looking for an IT high
The sideways consolidation from 7/13 is about to be resolved. Either we form a top here and start a correction or accelerate upward. The bifurcation should get resolved after AMZN earnings, as tommyt mentioned in another post.
