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By AdrianaLowe
The theme over this last trading week has been one of remarkable resilience. After breaking down from key resistance levels, it seemed that a period of consolidation would follow. But, globally, markets instead rallied with conviction to retest their highs.
I have been sceptical about the sustainability of the rally this year. But one of the most fundamental axioms of surviving the markets is to trade what you see, not what you believe. And what I am seeing is markets that seem to want to push higher across the board, with individual stocks holding up well even when faced with bearish news.
S&P 500
(credit: chart from Sigma by Hydra X)
The S&P closed the week strongly at 2,822.48, up 0.5% on high volume, and on the back of its biggest weekly gain since November 2018. US markets seem insistent on forging a path higher despite the overhang of earnings, macro economy news, North Korea, and ongoing China trade talks. I still wait for price to break and close clear of the congestion zone around 2,800 before entering longs, but this looks increasingly like a environment where the only rational positions to take are either to be flat or long.
MICROSOFT
(credit: chart from Sigma by Hydra X)
Gains this week were led by tech, with the sector surging 4.9%, and also becoming the best performing sector of 2019. I find MSFT interesting, having completed a bullish inverse head and shoulders pattern, rallying in a tight rising channel, and strongly testing resistance (and also its all-time highs) on high volume. But a spinning top candlestick in the midst of overhead resistance, and a bearish stochastic crossover which in overbought territory could translate into a pullback, which could provide interesting entries for longs.
TESLA
(credit: chart from Sigma by Hydra X)
A good litmus test for market sentiment is how stocks behave on news. Tesla has held on to $275 support despite its Model Y unveiling event underwhelming analysts; BAML, CFRA Research and Canaccord Genuity all issued cautionary notes. If it gets there, $260 looks to be strong support for a countertrend rally.
BOEING
(credit: chart from Sigma by Hydra X)
Boeing continued to suffer the aftermath of the latest tragedy, ultimately having to suspend its entire fleet of 737 MAX planes when the FAA finally followed the lead of global aviation authorities in grounding the plane. Deliveries of the 737 MAX have also been paused. The beleaguered company faces an indeterminate outcome from investigations, bills from airlines affected by the grounding of the plane, as well as potential suits from the families of victims. On Thursday, the US Air Force joined the party. It launched a blistering attack on Boeing, saying that the company has a ‘severe situation’ after flawed inspections of their KC-46 air refuelling tanker aircraft, and questioning the company’s ‘culture of discipline for safety’. [https://www.cnn.com/2019/03/14/politics/air-force-boeing-refueling-plane/index.html] Despite all this, the stock has proven remarkably well supported at $370, repeatedly rallying from those levels on high volume.
FACEBOOK
(credit: chart from Sigma by Hydra X)
No company has had a worse week than FB, even within the context of its bad year. The week started with a proposal by Senator Elizabeth Warren to break up FB, was followed by a network outage affecting its Facebook, WhatsApp and Instagram services, and then announcements of a widening federal criminal probe into its data sharing practices. Two key executives, Chris Cox and Chris Daniels also announced their departures from the company. A nadir was reached when its Facebook application was used to livestream the hate-driven massacre of 49 people in New Zealand.
Technically, the stock has broken below the bottom of its ascending channel, and key overhead resistance in the $170-173 region looks daunting. There is also a huge gap from Feb 2019 waiting to be closed.
Yet in spite of the weak technical picture and the deluge of negative news, FB closed just 2.13% down for the week, and ended the trading session on Friday well above the lows of the day, forming a bullish hammer. While I have been waiting for a clear break in one direction or the other for a while, as rising channel met overhead resistance, I choose to stay as interested spectators for now.
EUR/USD
(credit: chart from Sigma by Hydra X)
Finally, last week I noted the technical breakdown of key support levels in the EURUSD, in conjunction with fundamentally bearish news in the form of Draghi’s dovish speech. However, I was keen to stay on the sidelines, given past experience of how crowded trades tend to turn out. EURUSD didn’t disappoint, as it promptly rose in a stop-hunting rally, which would have trapped any short entries in a very uncomfortable position.
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By Stocks4life · Posted
UHS Universal Health Services stock, nice rally off the 197 support area, from Stocks to Watch at https://stockconsultant.com/?UHS -
By Stocks4life · Posted
SGMO Sangamo Therapeutics stock, good start off 2 support area at https://stockconsultant.com/?SGMO -
By Stocks4life · Posted
AAPL Apple stock, watch for a top of range breakout at https://stockconsultant.com/?AAPL -
By HFblogNews · Posted
Date: 26th November 2024. Trump’s tariff threats boosted Dollar; Peso, Loonie, Gold & Oil Lower. The Trump trade picked up steam as investors cheered his pick for Treasury Secretary, Scott Bessent. Beliefs he will be a steadying voice in the administration’s fiscal measures, while still following President-elect Trump’s tariff and tax commitments, underpinned. Asia & European Sessions: Trump threatened on Monday to impose sweeping new tariffs on China, Canada and Mexico on his first day as US President to crack down on illegal immigration and drugs. He would impose a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China as one of his first acts as president of the US. Bessent’s 3-3-3 plan aims to cut the deficit to 3% of GDP, boost growth to 3%, and increase oil production to 3 mln barrels. Treasury yields dove in a curve flattener, extending their drops through the session, on expectations inflation will decelerate. A strong 2-year auction also supported. The Dow led the charge, climbing 0.99% to 44,736, a new record peak as the rally broadens. The S&P500 climbed to 6020, a session peak, but finished with a 0.3% gain to 5987. The NASDAQ closed 0.27% higher. Today, stock markets in Europe are posting broad losses, with the DAX down -0.6%, the FTSE 100 0.4%, after a largely weaker close across Asia. ECB: Lane suggests ECB must be open-minded on speed of rate cuts. The ECB’s Chief Economist said in a speech on Monday evening that “remaining open-minded about the speed and scale of adjustments is in fact a valuable strategy across various environments, as different situations may necessitate distinct approaches.” This careful, step-by-step strategy enables us to observe the responses of the economy to our decisions and continuously refine our understanding of their impacts.” The comments leave the door open to a 50 bp move in December, but also tie in with our expectation that the central bank will deliver a 25 bp while tweaking the forward guidance and commit to additional moves. Financial Markets Performance: The USDIndex hit a session high of 107.50 and is currently lower at 106.85. Mexican peso and Canadian dollar slumped as the dollar is being viewed as a haven after the comments of President-elect Donald Trump on tariffs on Canada, Mexico and China. USDCAD spiked to 1.4177 and USDMXN rallied to 20.74. Oil and Gold lost ground, in part on cooling geopolitical risks, and on Trump trades. Oil dropped -3.03% to $69.09 per barrel, in part on the Trump trade and on talk of a potential cease fire between Israel and Hezbollah. Similarly, gold fell -3.26% to $2605 per ounce. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. -
By Stocks4life · Posted
RYAM Rayonier Advanced Materials stock, nice trend with a pull back to 8.79 support area, bullish indicators at https://stockconsultant.com/?RYAM
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