OJE NEWS
  • Home
    • Technology
  • Real Estate
  • Make Money Online
  • World News
    • Educational Videos
  • Gaming
    • Gadgets and Technology
  • Pets
    • Food
  • Finance
  • Personal Development
  • Fitness
    • Health
    • Relationships
No Result
View All Result
ojenews
  • Home
    • Technology
  • Real Estate
  • Make Money Online
  • World News
    • Educational Videos
  • Gaming
    • Gadgets and Technology
  • Pets
    • Food
  • Finance
  • Personal Development
  • Fitness
    • Health
    • Relationships
No Result
View All Result
ojenews
No Result
View All Result
Home Finance

A Date With The December Lows?

ojenews by ojenews
March 19, 2023
in Finance
58 4
0
A Date With The December Lows?
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

Hits: 0


Signage for high-tech commercial bank Silicon Valley Bank (Photo via Smith Collection/Gado/Getty … [+] Images).

Getty Images

The 1.5% decline in the S&P 500 last Tuesday raised the bar for a positive close last week. Even the slightly encouraging jobs report Friday could not support the market as the slide in the stock of SVB Financial Group (SVB) ended with its closure on Friday.

You might also like

CASH Campaign holds 'financial fitness fair' at Poly Western High School – CBS News

The Anatomy Of A Further Deterioration Of Capitalism In Seven Days

More FOMO In March?

The weekend news has been filled with conjecture over what the global impact might be on the financial markets in the coming week. The challenge of some tech companies making their payroll is already being addressed in the U.K. and Singapore. With the CPI report out on Tuesday the stock market will have further challenges to face.

10 Year T-Note Yield

Tom Aspray – ViperReport.com

The action in the bond market last week also surprised many as the yield on the 10-Year T-Note has dropped from the March 2nd high at 4.091% to a low Friday of 3.674%. The daily starc- band has been exceeded so the yield is extended on the downside with resistance in the 3.90%-4.00% area.

The MACDs have turned negative after forming lower highs, line c, and a negative divergence was also noted in the MACD-His. Even if yields move rebound in the next week it appears that yields have topped with next downside targets in the 3.387-3.500% area. The US Dollar also turned lower last week which should take some pressure off the stock market.

It is the sharp two-day reversal in yields that spooked bond traders as the yield on the two-year treasury yield declined 45 basis points in two days. The research by Bespoke Investment Group found 79 similar instances in the past 50 years. They found that “With two exceptions, in 1987 and 1989, all of those episodes were either during or within six months of a US recession.”

Markets

Tom Aspray – ViperReport.com

Investors are unlikely to be encouraged by this historical analysis or the scorecard for last week’s trading. All of the prior week’s gains were reversed as the iShares Russell 2000 was down 8% followed by a 6% drop in the Dow Jones Transportation Average. In comparison, the SPDR S&P Regional Bank Index (KRE) was down 16%.

The S&P 500 lost 4.6% for the week just a bit worse than the 4.4% decline in the Dow Jones Industrial Average which is now down 3.7% year-to-date (YTD). The S&P 500 is close to turning negative on a YTD basis.

Even though the Nasdaq 100 was 3.8% lower last week it is still the YTD leader as it is up 8.1%. The SPDR Gold Trust was the only one of these monitored markets to close the week higher. For the second time in the past three weeks, the NYSE advance/decline ratios were very negative with only 389 issues advancing and 2871 declining.

On both Thursday and Friday, the ratios were over 5-1 negative which has pushed most of the short term A-D ratios into oversold territory. On Thursday over 90% of the S&P 500 and Nasdaq 100 stocks were lower on the day. The NYSE A-D Osc closed the week at -1372 and it reached over -1800 at the June and late September lows. The McClellan oscillator closed the week at -297 which is the lowest reading since -403 on September 26, 2022.

Spyder Trust (SPY)

Tom Aspray – ViperReport.com

While the short-term A/D indicators do favor a rebound this week, maybe as much as 1-2%, the technical damage to the weekly A/D lines was significant. For the Spyder Trust (SPY) the next key support to watch is the December low at $374.77.

The positives from last week in both the weekly and daily A/D lines was reversed by this week’s action. The S&P 500 Advance/Decline line had bounced from its EMA last week but has plunged and is now close to the December lows.

The change in the NYSE Stocks Only A/D line was even more severe as the uptrend, line c, and its EMA were both broken. This was after previously breaking its downtrend, line b, which was positive based on the intermediate-term analysis. The NYSE All A/D line has also violated its EMA but is still above its support at line e. The daily A/D lines were all positive with the close on March 3rd but turned negative last Tuesday and broke further support with Thursday’s close.

Nasdaq Composite

Tom Aspray – ViperReport.com

The number of Nasdaq Composite and NYSE Composite stocks making new 52 week lows both expanded sharply on Friday. There were 547 New Lows on the Nasdaq Composite which is the highest reading since last October. It is still well below the May 2022 reading of 1650 but was above the October high, line b, and may be signaling a change in trend. There were no divergences in the New Highs which peaked with prices at the start of February. The Nasdaq Composite has next good support in the 10,800 area, line a.

Financial Sector Select (XLF)

Tom Aspray – ViperReport.com

All eleven sectors were lower last week with the Consumer Staples Select (XLP) holding up the best down just 2%. In contrast, the Financial Sector (XLF) was down 8.5%. There were not any severe warnings from the prior week about XLF as it was higher on March 3rd. The weekly RS was barely above its WMA while the OBV was negative. XLF has closed below the weekly starc- with next good support in the $30-$31 area.

It was not really until Thursday’s trading that the level of selling in the bank and financial ETFs rose to an alarming level. In terms of this week’s action, it is hard to gauge the potential ripple effects of the SVB collapse. Unfortunately, many may not believe the official appraisal of the situation that will not help.

One thing is clear and that is that my bullish appraisal last week for the stock market in March now looks wrong. I would expect a rally in the week ahead for those who wish to adjust the weightings in their portfolio. Be sure to have your stops in place before the market opens.

The December lows at $374.77 in the SPY and $259.73 in the Invesco QQQ Trust (QQQ) are the key support levels to watch. I continue to expect the overall stock market to be higher in 2023 but the path there now looks like it will be more difficult.



Source link

Tags: DateDecemberLows
Share30Tweet19
ojenews

ojenews

ojenews.org is online news channel, providing the latest breaking and rolling news Top stories. The free-to-air news channel latest articles YouTube educational videos and more.

Recommended For You

CASH Campaign holds 'financial fitness fair' at Poly Western High School – CBS News

by ojenews
March 19, 2023
0
ojenews icon

CASH Campaign holds 'financial fitness fair' at Poly Western High School  CBS News Source link

Read more

The Anatomy Of A Further Deterioration Of Capitalism In Seven Days

by ojenews
March 18, 2023
0
The Anatomy Of A Further Deterioration Of Capitalism In Seven Days

SANTA CLARA, CALIFORNIA - MARCH 13: A security guard at Silicon Valley Bank monitors a line of ... people outside the office on March 13, 2023 in Santa...

Read more

More FOMO In March?

by ojenews
March 13, 2023
0
More FOMO In March?

Rising road Most investors hoped that January’s record gains would continue for the rest of the year but instead most are happy that February is over. On February...

Read more

How to take stock of Corporate America’s ‘Risk Factors’ – Yahoo Finance

by ojenews
March 5, 2023
0
ojenews icon

How to take stock of Corporate America’s ‘Risk Factors’  Yahoo FinanceSource link Photo ojenews

Read more

Neobank Revolut Reports Profitable 2021 Audit Criticism

by ojenews
March 3, 2023
0
Neobank Revolut Reports Profitable 2021 Audit Criticism

Nikolay Storonsky, chief executive officer of Revolut Ltd., smiles during a Bloomberg Television ... interview. Revolut revenue grew 34% in 2022 to 850 million sterling, Chief Financial Officer...

Read more
Next Post
Watch the Scariest Horror Movies

Watch the Scariest Horror Movies

Please login to join discussion

Related News

Spooktacular Creations Adult Medieval Hooded Monk Cloak Renaissance Priest Robe Halloween Costume

Spooktacular Creations Adult Medieval Hooded Monk Cloak Renaissance Priest Robe Halloween Costume

October 26, 2022

Pup Labs

October 30, 2022
How to Stress-Proof Your Relationship This Holiday Season

How to Stress-Proof Your Relationship This Holiday Season

December 28, 2022

Browse by Category

  • Educational Videos
  • Finance
  • Fitness
  • Food
  • Gadgets and Technology
  • Gaming
  • Health
  • Make Money Online
  • Personal Development
  • Pets
  • Real Estate
  • Relationships
  • Technology
  • Travel
  • Uncategorized
  • World News

We bring you the best Premium news from around the world

Pages

  • About Us
  • Contact Form
  • Disclaimer
  • DMCA
  • Ojenews
  • Privacy Policy

CATEGORIES

BROWSE BY TAG

Educational Videos Finance Fitness Food Gadgets and Technology Gaming Health Make Money Online Personal Development Pets Real Estate Relationships Technology Travel Uncategorized World News

© 2023 OJENEWS.ORG 2023 ALL RIGHT RESERVED

No Result
View All Result
  • Home
    • Technology
  • Real Estate
  • Make Money Online
  • World News
    • Educational Videos
  • Gaming
    • Gadgets and Technology
  • Pets
    • Food
  • Finance
  • Personal Development
  • Fitness
    • Health
    • Relationships

© 2023 OJENEWS.ORG 2023 ALL RIGHT RESERVED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In