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US major indices snap 4-day losing streak with solid gains Energy ETF breaks a 8 day up streak with a sharp decline

  
Analysis, US Market

The US major indices snapped a 4-day losing streak that saw high to low declines for the major indices over those days showing:

  • Nasdaq -8.44%
  • S&P, -5.86%
  • Dow, -4.68%
  • Russell 2000, 5.54% hundred

Today, the major indices did a good job of erasing some of those declines. The final numbers are showing:

  • Nasdaq index closed up 460 points or 3.6% at 13,255.56
  • S&P index rose 107.18 points or 2.57% of 4277.87
  • Dow industrial average rose to 653.6 points or 2.0% at the 33286.24
  • Russell 2000 rose 53.27 points or 2.71% to 2016.29

Technically, looking at the Nasdaq index, the pairs low yesterday was able to stay above the cycle intraday low at 12587.88 (the low yesterday reached 12674.75). However, the price remains below the 100 hour MA at 13425 and the 200 hour MA at 13742.77. The last two tests of the 200 hour MA stalled the rallies. As a result, technically that MA remains a key target to get to and through if the pair is move higher.

Japan final Q4 GDP comes in much lower than the preliminary reading

  
Analysis, Economy

Reuters summary of the data:

  • revised real GDP +1.1% qtr/qtr (prelim +1.3%, Reuters poll +1.4%)
  • revised real GDP annualised +4.6% (prelim +5.4%, poll +5.6%)
  • revised capex +0.3% qtr/qtr (prelim +0.4%, poll +0.7%)
  • revised private consumption +2.4% qtr/qtr (prelim +2.7%)
  • revised external demand contribution to GDP +0.2 pct point (prelim +0.2 pct point)
  • revised domestic demand contribution +0.9 pct point (prelim +1.1 pct point)

Japan’s economy not as strong as was initially reported for the final quarter of last year. Which was a long time ago.

Major US indices close lower for the fourth consecutive day

  
Analysis, US Market

The major three US indices closed lower for the fourth consecutive day. The NASDAQ index traded above and below unchanged going into the close but late selling push the index back into the red

The price action was up and down volatile today.

  • Dow industrial average was up 585 points at its high, and down -238 point at its low
  • S&P index is up 75.94 points at its high, and down -43.89 points at its low
  • NASDAQ index reached a day high of 328.48 points, and a low -160.80 points.

Stocks were down for most of the morning session but staged a rally after a report that Ukraine’s Zelenskyy would forgo NATO inclusion which was one of the requirements from Russia for a ceasefire. Oil prices moved lower and stocks moved higher. However, momentum could not be sustained and the selling resumed.

The final numbers are showing:

  • Dow industrial average fell -185.68 points or -0.57% at the 32631.73
  • S&P index fell -30.47 points or -0.73% at 4170.63
  • NASDAQ index felt -35.4 points or -0.28% at 12795.56
  • Russell 2000 was the only index to move higher with a gain of 11.68 points or 0.60% at 1963.01

The four-day declines in the major  indices  has now seen the percentage moves from the high 4 days ago, to the close today of: (more…)

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