S&P 500 INDEX MODEL TRADING PLANS for MON. 4/22/24 We started last trading week with these words in our trading plans: “A daily close below 5170 is needed for the current bullish bias to be negated. This level appears poised to be tested this week sometime, and whether it rebounds from there or not would (more…)
THE GIST (“THE WHAT”) Rising yields and fears of contagion from China’s emerging property crisis kept sentiment low. Opening lower following reports of Chinese builder Evergrande’s bankruptcy, the S&P 500 index managed to claw back most of the day’s losses to close the session mostly flat at 4369.71, down fractionally by 0.65 point (-0.015%). Note: Our (more…)
THE GIST (“THE WHAT”) The S&P 500 index broke below its 50-day moving average, a closely watched gauge of momentum, for the first time since March, led by weakness in bank stocks. Losses accelerated during the last hour of the session alongside rising yields. The index closed the session near day’s lows at 4437.85, down (more…)
THE GIST (“THE WHAT”) July’s benign CPI report raised the odds of Fed’s rate pause, boosting the S&P index during the opening hour. Initial rally, however, faded as bond yields moved higher following hawkish comments by San Francisco Fed President Daly. The index closed the volatile session with a fractional gain of 1.14 points (0.03%) (more…)
THE GIST (“THE WHAT”) Moody’s lowered credit ratings for ten small and medium sized banks, reigniting health concerns of U.S. banks and triggering a sell-off in regional stocks that lead the broader market lower. Weaker-than-expected China’s export numbers stoked global recessionary concerns, further dampening sentiment at the open. The S&P 500 index tumbled during the (more…)
THE GIST (“THE WHAT”) The S&P 500 index snapped a four-day losing streak following optimistic economic data and strong earnings. Gains, however, were capped as yields rose midsession following hawkish comments by Fed Governor Bowman and NY Fed President Williams. The index closed the session with a modest gain of 40.41 points (0.90%) at 4518.44. (more…)
THE GIST (“THE WHAT”) Inching higher, the S&P 500 index registered a fifteen and a half month high led by mega-cap tech stocks ahead of big tech earnings. Stronger-than-expected U.S. July consumer confidence further bolstered equities, raising the odds of a soft landing of the economy. Gains, however, were limited ahead of Fed’s policy decision (more…)
THE GIST (“THE WHAT”) Consolidating near 15-month highs, the S&P 500 index traded sideways ahead of mega-tech earnings. Bank stocks extended their gains in the wake of better than expected second quarter earnings results, while tech stocks gave up some of their recent gains following a strong recent rally. The index closed today’s choppy session (more…)
THE GIST (“THE WHAT”) The S&P 500 index rallied at the open following strong second quarter earnings releases by big banks. The rally faded mid-session as investors digested an unexpected jump in the University of Michigan’s U.S. July inflation expectations indicator and hawkish comments by Fed officials. Erasing early session gains, the index closed slightly (more…)
THE GIST (“THE WHAT”) Extending previous session’s gains, the S&P 500 index rallied higher to close above the closely watched 4500 level after June’s PPI data showed that inflation is subsiding, increasing the odds that the Fed could be nearing an end to its aggressive monetary tightening policy. Gapping higher at the open, the index (more…)
