[Chart courtesy of MarketWatch.com] Moving the markets A variety of events combined forces to pull the markets out of their doldrums, while not only creating a new “Buy” signal for our Trend Tracking Indexes (section 3) but also breaking the S&P 500’s glass ceiling, namely its 200-day M/A (+0.57%). We also were re-acquainted with the fact that bad news is …
Going Nowhere
[Chart courtesy of MarketWatch.com] Moving the markets While the major indexes wandered aimlessly throughout the session, they at least managed to dig themselves out of an early hole, crawled back and reduced their losses. In the end, not much was gained or lost. Economic data points did nothing to encourage bullish sentiment with Consumer Confidence dropping in October, while Inflation …
A Post-Thanksgiving Hangover
[Chart courtesy of MarketWatch.com] Moving the markets The efforts by a few traders last week to push the markets higher on very low volume came to an end today, when the full staff returned, pushed the sell buttons, and pulled the rug out from under last week’s rally. The major indexes shifted into bearish mode, right after the opening …
Melting Up, Down And Up
[Chart courtesy of MarketWatch.com] Moving the markets It was another choppy session, as the release of the Fed’s meeting minutes (FOMC) showed a mixed picture in terms of future rates hikes. The Central Bank noted that it was seeing some progress in its inflation fighting efforts while stating that “a substantial majority of participants judged that a slowing in the …
Focusing On The Positives
[Chart courtesy of MarketWatch.com] Moving the markets As I mentioned yesterday, with most traders being on vacation this week, reduced volume made it easier for the remaining crew to exuberantly push markets around and support the bullish cause. Looking towards the end of the year, hope that inflation might ease, and by association interest rates, was an underlying theme based …
Slipping And Sliding
[Chart courtesy of MarketWatch.com] Moving the markets The major indexes shed some more of their recent gains during this first day of a Holiday shortened trading week. Not helping the already jittery market were reports of China possibly ramping up Covid restrictions due to some additional deaths and the lockdowns spreading. As a result, the Chinese Yuan plunged, and the …