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[Chart courtesy of MarketWatch.com] Moving the markets An early Ramp-A-Thon lost some momentum during mid-session, but the pullback was contained and still enabled the major indexes to close solidly in the green. While the S&P 500 managed to finally break above its 200-day M/A, it was not yet able to hold the move above its longer-term downtrend line, which had …

[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 …

[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 …

[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 …

[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 …