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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…
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…
This week featured financial results and other news from high-profile companies, as well as big stock moves, with Disney’s post-earnings plunge standing out
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…
The Walt Disney Company reported its financial results for the quarter ended October 2, on Wednesday after US markets closed, largely missing estimates
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…
Past performance is not an indicator of future results The weekly SPX500 is trending up. It has a higher trough followed by a higher peak. At some stage, the current impulse (aqua line) will run out of momentum, and a correction will ensue. As long as the pullback finds support above the previous higher trough, the uptrend remains intact. The weekly RSI is not overbought, but the daily time frame…
Past performance is not an indicator of future results. Source: www.tradingview.com Prior to the Covid-19 pandemic, the US10Y yield (blue line chart) was in decline. At the same time, the 10Y breakeven inflation rate was coming down. This period is denoted by the red down trendlines. The orange box represents most of the 2020 year, as authorities implemented unprecedented monetary stimulus to deal with the fallout of the pandemic. To…
The share price of Ford Motor Company hit the $20 mark for the first time in more than 20 years, with F.us registering a staggering nearly 130% year-to-date rally, as investors appear to like its recent turnaround plan under the new CEO
TSLA gapped over 5% lower today after Elon Musk's Twiter poll suggested a sale of 10% of his personal stock. In the poll Musk wrote, "Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?" Of respondents, 57.9% answered in the affirmative. Past performance is not an indicator of future results The left chart…
Past performance is not an indicator of future results. Last week's price action confirmed the USDOLLAR's reference low, by closing above the previous week's high (aqua horizontal). It's important to acknowledge that the reference low does not guarantee a bullish swing. However, for a bullish swing to chart, this confirmation was necessary. Moreover, the confirmation respected the current USDOLLAR's momentum. Past performance is not an indicator of future results. Trends…
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