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Dollar gains further ground as risk aversion creeps in

  
Analysis, US Market

US futures pare gains to turn negative as bonds gain further

EUR/USD H1 12-08

The shift in the risk mood is helping the dollar push higher against the euro and commodity currencies on the day. EUR/USD just fell to a low of 1.1162 with AUD/USD and NZD/USD both falling to lows of 0.6765 and 0.6450 respectively.

Of note, EUR/USD is now challenging the 200-hour MA (blue line) and if sellers can find a break below that, then they will seize near-term control of the pair.
S&P 500 futures are now down by 0.1% while US 10-year yields have extended earlier weakness and is now lower by 4 bps to 1.703%.

US stocks end lower and a volatile week with declines

  
Analysis, US Market

Late session sell off takes the indices to mid range

The US stocks are ending the session lower and near the middle of the trading range after selling into the close snuff out an afternoon rally that saw the Dow move briefly into positive territory.
At the end of the day the closing levels are showing:
  • The S&P index closed  down minus 19.44.2 -0.66% at 2918.65
  • The NASDAQ index closed down -8.015 points or -1.0% at 7959.14
  • The Dow close down -90.75 points or -0.34% at 26287.40
The chart below shows the %low, high and closing changes for the North American and European market today.  The European markets ended near session lows.
Late session sell off takes the indices to mid range
For the week, the major indices are ending a volatile week in the red, with the Dow down the most.   The week’s final changes for the week are showing:
  • The Dow, down -0.75%
  • The S&P down -0.46%
  • The NASDAQ index -0.56%

Stocks trading at lows. Spooked by Trump comments on China

  
Analysis, US Market

Trump says the US/China September meeting may be cancelled

The US stocks are moving lower pushed down by comments from Pres. Trump that the September meeting with China may be cancelled.
The Nasdaq index has moved back below its 50 day MA at 7936.96 and tested its 100 day MA at 7936.96. The low just reached 7936.32 and are seeing a modest bounce to 7942 currently.
The S&P also fell below its 50 day MA at 2936.32 and back toward the 100 day MA at 2904.00. The price low reached 2908.53. We currently trade at 2912.90.
The Nasdaq is back down testing the 100 day MA

Indices soar. Nasdaq recoups week’s losses.

  
Analysis, US Market

S&P and Nasdaq back above key MAs

The US stocks have staged an impressive rally today, a day after erasing steep declines yesterday and closing higher (for the broad indices at least).
The S&P and Nasdaq indices retraced back above their 100 and 50 day MAs, and are also closing above the 50% retracement of the move down from the July 26th’s highs.
For the S&P, the 100 day MA comes in at 2903.20, and the 50 day MA comes in at 2933.86. The price closed at 2938.11, up 54.13 points or 1.88%.
For the Nasdaq, the 100 day MA was broken at 7934.76 and the 50 day MA at 7992.58.  The index closed at 8039.156 up 176.33 points or up 2.24%.
For the Dow, it moved back above its 100 day MA at 26287.28 (but remains below the 50 day MA at 26527.01). It closed the day up 371.12 points or 1.43% at 26378.19.
Below is a summary of the % changes and high/low ranges for the NA and European major indices.  All the major indices closed near the highs for the day. Apart from the UK FTSE, the indices also traded higher from the opening bells.
Big day for stocks.
S&P and Nasdaq back above key MAs

Stocks close with solid gains after yesterday’s tumble

  
Analysis, US Market

Major indices rebound 1.3%

The major indices shrugged off the sharp fall yesterday, and although the price action saw earlier gains retrace toward unchanged, an afternoon rally took the price back up.  The indices all closed near the highs with gains of 1.2% or more in the major indices.
Major indices rebound 1.3%
A look at the numbers show:
  • S&P index, up 37.03 points or 1.30% at 2881.
  • Nasdaq index up 107.22 points or 1.39% at 7833.26
  • Dow up 311.78 point or 1.21% at 26029.52
After the close Disney reported disappointing earnings, missing on the top and bottom line (EPS 1.35 vs $1.72 est.  Revenues were at $20.25B vs $21.46B estimate).  Disney shares closed up $3.57 at $141.87. It is trading at $136.30 currently in after hours trading.

Major US stock indices close with (go on, have a guess!) …. big declines

  
Analysis, US Market
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Ladies and gentlemen, as a special for today only, the four stock codes to watch are

  • U
  • G
  • L
  • and Y
Closing numbers for the big 3 are showing:
  • S&P index down 87.99 points, which is -3.00% at 2,844.06
  • NASDAQ index down 279.54 points or -3.49% at 7,724.53
  • Dow down 772.89 points or -2.92% at 25,712.12
Off lows but not a good day. All three with their biggest daily losses for this year.
The context of the moves today:
  • global growth weaker and weakeneing
  • global trade getting rocked by trade wars
  • The Federal Reserve recently cut and is likely to do so again (a bit of tail and dog, chicken and egg here …. shoose whichever you like)
  • Stock valuations are …. well … high. Some ludicrously so, but they have been for years …
  • what have I missed?

Trump’s new tariffs send Indices skidding lower.

  
Analysis, US Market
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Major indices end near session lows.  Give up big gains in the process

Pres. Trump surprised the stock market by announcing 10% tariffs on $300B of China good effective September 1. He is on the wires saying that the tariffs can be raised beyond 25%, and said that the 10% is for a short term period.  I guess the combination means, the 10% will go to 25% if there is no progress, not the other way around (that is how I read the it).
The news reversed strong gains.
At the highs, the:
  • Dow was up 1.16% or 311.32 points
  • S&P was up 1.11% or 33.21 points
  • Nasdaq was up 1.66% or 135.61 points
At the close the final numbers are showing:
  • Dow, down -1.05% or -280.85 points at 26583.42
  • S&P down -0.90% or -26.82 points at 2953.56
  • Nasdaq down -0.79% or -64.298 points at 8111.12

US stocks end wild day down but off lows

  
Analysis, US Market

Major indices fall over 1% today

The major indices are ending lower on the day (and over 1% in each index), but it could have been worse. At the session lows, the major indices showed the following declines:
  • Nasdaq, -163.59 points
  • S&P, -55.1 points
  • Dow, -478.42 points
Each of the indices are still closing down, but they are also off the lows as the market reacted to the Chair Powell’s “mid-market cycle” comment in his press conference (that was walked back a bit later when admitted there may be other cuts).
Below are the final numbers for the major indices.
  • The Nasdaq -98.196 points or -1.19% at 8175.41. The high reached 8299.82. The low extended to 8110.02
  • The S&P fell -32.87 points or -1.09% at 2980.32. The high reached 3017.40. The low reached 2958.08
  • The Dow fell -333.48 points or -1.23% at 26864.23. The high reached 27281.65. The low reached 26718.60
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