[Chart courtesy of MarketWatch.com] Moving the markets The markets took a hit today, as January’s bullish momentum ran into a glass ceiling, namely the S&P’s 200-day M/A, which had derailed every rally in 2022, as this chart shows: Only time will tell, if this is the beginning of another leg down, after the S&P has now “lost” its 200-day M/A …
Pulling Off The Lofty Levels
[Chart courtesy of MarketWatch.com] Moving the markets Bank earnings took front and center, as Morgan Stanley posted better-than-expected numbers, thereby pushing up its stock price +6%. However, banking powerhouse Goldman Sachs reported its worst earnings miss in a decade, with its stock price being pummeled at the tune of -6%. JPM’s and Citigroup’s results were mixed. As a result, the …
Gambling On A Positive CPI Report
[Chart courtesy of MarketWatch.com] Moving the markets Stocks resumed their Ramp-A-Thon into tomorrow’s CPI report, as traders were betting that Thursday’s inflation data will present validation of a decelerating trend. Confidence reigned supreme that the Fed’s rate hikes had their planned impact and that a policy reversal might be on deck, as “the Fed will cave” story gained momentum. While …
Finding Support
[Chart courtesy of MarketWatch.com] Moving the markets After much bobbing and weaving, the major indexes found some footing and closed in the green led by the Nasdaq with a 1% gain. Upcoming economic data points and corporate earnings later this week kept the rally in check. All eyes were on Fed head Powell’s speech this morning and, as ZeroHedge pointed …
Thriving And Diving
[Chart courtesy of MarketWatch.com] Moving the markets A continuation of Friday’s rally hit a overhead resistance, with the major indexes reversing direction and plunging below their respective unchanged lines. The exception was the Nasdaq, which managed to hang on to a +0.63% gain, as traders scooped up some of the beaten-up shares like Tesla. Optimism ruled, compared to the end …
Swinging The Other Way
[Chart courtesy of MarketWatch.com] Moving the markets Yesterday’s rally of hope hit a brick wall this morning, as the markets appeared unable to string a couple of winning sessions together, thereby still being stuck trading in a broad trading range. Good news was bad news again when ADP’s private payroll report showed that 235k jobs were added in December, which …