US Market

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  • NAS100 Hourly At Potentially Strong Momentum Level

    Russell Shor Written by Russell Shor
    Indices

    Past performance is not an indicator of future results Further to our previous article, the NAS100 moved positively back into the daily chart's bullish area, between the lower blue and lower red bands. Moreover, the current daily RSI still has room to move before registering as overbought. Given this strength, the hourly trend-following indicators are in a bullish formation, with the shorter-term green EMA above the longer-term orange EMA. Our…

  • SPX500 at Short-term Support Following Yesterday’s Retail Number

    Russell Shor Written by Russell Shor
    Indices

    Past performance is not an indicator of future results The SPX500 reacted positively to yesterday's retail number, which beat consensus. Core Retail Sales came in at 1.7%, ahead of the 1% expected. The index was faded towards the market close and then traded down in the Asian session. However, SPX500 strength is maintained with the daily chart (left) in the bullish area between the upper blue and upper red bands.…

  • Salesforce Stock Has Been Accumulated Over Q3

    Russell Shor Written by Russell Shor
    Shares

    Past performance is not an indicator of future results Source: www.tradingview.com Salesforce released its Q2 earnings on 25 August. This marks an important inflection point (dashed blue vertical) on the company's price chart. For most of 2021, the stock moved sideways, as did its volume (red dashed horizontal). The lower chart shows the OBV indicator, which shoots upwards, following the Q2 earnings release, as the price takes off. Past performance…

  • Consumer Sentiment Hit By Inflation Concerns

    Russell Shor Written by Russell Shor
    Global Markets

    In this article: 1. University of Michigan consumer survey misses consensus. 2. US consumers are gloomy. 3. Inflation is rampant. 4. The Fed may have to pivot on policy. Friday's preliminary consumer sentiment reading from the Univesity of Michigan was sobering. US consumers are hurting. Last month's print was 71.7, and 72.5 was the consensus for Friday's number - it came in at a paltry 66.8. Faced with the prospects…

  • NAS100 Excess Has Cleared On Daily; Possible Dip in Uptrend

    Russell Shor Written by Russell Shor
    Indices

    Past performance is not an indicator of future results Previously we suggested that the NAS100 was in a good position for participants to start banking profits. Since then the index has pullback and the overbought condition has normalised. The left chart shows the NAS100 daily. It is trading on the border between the bullish and neutral areas. The hourly chart is on the right. A bullish EMA crossover and stochastic…

  • MSFT Is Overbought But Fundamentals Make Pullbacks Compelling

    Russell Shor Written by Russell Shor
    Shares

    The MSFT weekly chart is overbought (blue rectangle). At some stage, the RSI will need to normalise. However, weekly conditions are tricky because it may take weeks or even months before correcting. The last overbought condition took two months before clearing (blue verticals). The stochastic has also been showing tremendous strength and has been in the upper region since mid-June (red rectangle). Past Performance: Past Performance is not an indicator…

  • Nominal Yields Adjust Off CPI Print

    Russell Shor Written by Russell Shor
    Global Markets

    Yesterday, the US headline CPI beat the forecast of 5.8% y/y, coming in at 6.2%. The core CPI, which strips out volatile items such as energy and food also beat at 4.6% (4.3% forecast). As such, nominal yields are adjusting. Past performance is not an indicator of future results Source: www.tradingview.com The chart above shows the Heiken Ashi US10Y. Its yield is a nominal yield i.e. it has an inflation…

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