NAS100
Speaking of tech earnings, the NAS is up over half a percent before the market opens in the anticipation of higher earnings this season for the big names in tech. Tensions in the Middle East continue to be a concern, but this week’s sentiment may revolve around stock revenue performance. The index bounced off a key support line on the 1D timeframe and may experience a period of rallying in the meantime.
- Frank
Speaking of tech earnings, the NAS is up over half a percent before the market opens in the anticipation of higher earnings this season for the big names in tech. Tensions in the Middle East continue to be a concern, but this week’s sentiment may revolve around stock revenue performance. The index bounced off a key support line on the 1D timeframe and may experience a period of rallying in the meantime.
- Frank
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Gold
Yields are on the rise again as gold dips down to a support level on the 1D timeframe. Price did end up testing this zone and looks like it may have found room to bounce. We still have to watch how the day ends to see where price may end up going this week. Geopolitical concerns will help prompt price higher, but earnings battles risk sentiment this week on stock optimism.
-Frank
Yields are on the rise again as gold dips down to a support level on the 1D timeframe. Price did end up testing this zone and looks like it may have found room to bounce. We still have to watch how the day ends to see where price may end up going this week. Geopolitical concerns will help prompt price higher, but earnings battles risk sentiment this week on stock optimism.
-Frank
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Will the Russell2000 roll over from here?
Fundamentally, I think we could see it. With rising yields & diminishing expectations for rate cuts this year, I continue to stay bearish on small cap stocks. This is an especially damaging situation for a basket of stocks that relies on low cost debt for growth!
Technically however, if price breaks this downtrend, I will admit I'm wrong and walk away with a small loss. Let's see!
- Nick
Fundamentally, I think we could see it. With rising yields & diminishing expectations for rate cuts this year, I continue to stay bearish on small cap stocks. This is an especially damaging situation for a basket of stocks that relies on low cost debt for growth!
Technically however, if price breaks this downtrend, I will admit I'm wrong and walk away with a small loss. Let's see!
- Nick
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Silver
Commodities are still heavily bullish favored on the EdgeFinder which scores silver at +8. Metals are still a hot topic in the markets amidst geopolitical fallouts. However, yields need to pull back from the current stubborn levels which appears to be putting pressure on the risk-favored sentiment. Earnings could help provide further optimism for such assets if they prove to be substantial in the current and future forecasts. Silver is on a level of support and looks to be attempting higher moves after yesterday’s close on a bullish hammer.
Commodities are still heavily bullish favored on the EdgeFinder which scores silver at +8. Metals are still a hot topic in the markets amidst geopolitical fallouts. However, yields need to pull back from the current stubborn levels which appears to be putting pressure on the risk-favored sentiment. Earnings could help provide further optimism for such assets if they prove to be substantial in the current and future forecasts. Silver is on a level of support and looks to be attempting higher moves after yesterday’s close on a bullish hammer.
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EURUSD is majority bearish on the EdgeFinder as the score declined further into the negatives to -11. Most pairs trading against the dollar are weaker after today's GDP report. But inflationary metrics are coming out indicating a further rise in inflation.
Core PCE m/m comes out tomorrow while quarter-over-quarter was released this morning. With the quarterly number higher than expected, investors expect the monthly report to be higher tomorrow. PCE is a key Fed metric for inflation; a higher PCE would be against Fed hopes to cut rates this year.
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Core PCE m/m comes out tomorrow while quarter-over-quarter was released this morning. With the quarterly number higher than expected, investors expect the monthly report to be higher tomorrow. PCE is a key Fed metric for inflation; a higher PCE would be against Fed hopes to cut rates this year.
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NAS100 falls premarket after poor revenue projections from META's earnings call last night and the recent onslaught of worse economic data. The combination of lower GDP and higher PCE this morning is weighing heavily on risk-appetite.
The risk of a market collapse seems more probable, especially if the remainder of big tech earnings this week come out worse than what investors expected. Right now, price is stuck between support and resistance on the 1D timeframe, and the next decisive move seems like it may be lower. If that happens, there is further support to test around $16,200 roughly.
-Frank
The risk of a market collapse seems more probable, especially if the remainder of big tech earnings this week come out worse than what investors expected. Right now, price is stuck between support and resistance on the 1D timeframe, and the next decisive move seems like it may be lower. If that happens, there is further support to test around $16,200 roughly.
-Frank
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Gold's score gets a slight tick up from the trend reading and poor GDP numbers. However, slower growth and higher inflation might not be good in this environment. The metal usually thrives off a worse US economy and monetary state, but it now may push the Fed's decision to cut rates back further down the line.
That is what's causing yields to jump this morning which is ultimately bearish for the metal. Geopolitical concerns may have subsided for the time being as gold investors look towards earnings and economic data in the US.
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That is what's causing yields to jump this morning which is ultimately bearish for the metal. Geopolitical concerns may have subsided for the time being as gold investors look towards earnings and economic data in the US.
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Retail may be right about US indices this time around as the majority are short S&P. However, Russell leans bullish which is the most interest rate sensitive of the indices. Metals are majority long but gold remains mixed.
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Bearishness on EURUSD can be shown in one chart. Rising retail optimism and lower COT positioning is a recipe for lower prices later on.
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