Please enable javascript in your browser to view this site!

S&P down from 2785 overnight highs.. Stabilization here is positive despite worsening trade tension- Thurs Video, Webinar info, Charts of interest

Thursday Technical Video

https://stme.in/nwZ9eOyilt

 

 

Today’s Technical Webinar

 

Technical Analysis Video Webinar, 15 mins.  Today 1pm EST- https://join.startmeeting.com/info69336

  Dial-In Number (United States): (701) 801-1211, Access Code: 840-955-999

 

 

 

Global trade tensions worsening a bit with India following EU and China in slapping levies on US goods with China’s Shanghai Comp losing 1+%, dropping for the 5th day in 6 while most of Asia also down as is Europe and Emerging mkts declining while the Dollar furthers its gains.  Two Euroskeptics given key roles in the Italian parliament, which might add to the worry about global trade while in other news, the Bank Of England keeping rates steady this am in a more hawkish than expected vote.    Minor gains for Treasuries with Yields pulling back .02 bps while both Gold and Crude are lower.   S&P futures have moved fractionally lower In the last half hour, but not too meaningful on the heels of yesterday’s gains and are thought to be at good support.    Early stock gains today from CASI, HRTX, DRI, KR, PDCO, MU, TSRO, HMNY, IMMU, WDC, HMI, NVO while on downside-   LMNR, NAKD, FCEL, CRC, FCAU, LPL, ERIC, TI, E, STM, ALKS

 

 

 

S&P had managed to exceed its channel from mid-May peak, so despite some minor backing and filling overnight, the pattern has improved and should pave the way for a bit more upside

UNDER 2760 would turn today’s trend negative, but prices are down from overnight levels from 2785, or nearly 16 points down.. so current levels  are thought to represent good support, and both SPX and NDX should have upside with resistance for S&P near earlier overnight levels at 2785

image001 (5).gif

 

 

 

 

Europe remains an underweight to US..  the SX5E has worsened in the last couple days with its break of minor trendline support, but 3390 will prove important in this regard, and would need to hold to argue for any kind of stabilization.   FEZ is the ETF to give exposure to the Sx5e

 

Technically speaking, EEM, the ETF for Emerging markets is now at levels which makes this attractive to consider ---EEM has gotten too stretched in the last two weeks after its breakdown, and while the daily chart looks quite negative.. the weekly (not shown) shows this area to be important while evidence of exhaustion is present.  Given signs of Sterling rallying and EURO trying to stabilize, it makes sense to consider buying dips in EEM, with any rolling over in the DXY proving beneficial

 

 

 

 

 

 

image003 (4).gif