SPY last week was rejected at channel resistance, coming up $0.63 short of surpassing the all-time high of $286.63 reached January 26. The path of least resistance is down. A covered put might help. There are interesting dynamics at play … Continued
Following futures positions of non-commercials are as of August 7, 2018. 10-year note: Currently net short 586.3k, down 3.8k. The 10-year Treasury yield (2.86 percent) continues to work on a potentially bearish head-and-shoulders formation. On August 1, it hit 3.02 … Continued
Arguably, US stocks are giving off some signs of fatigue. The S&P 500 large cap index (2840.35) is still below its late-January high of 2872.87. The Nasdaq 100 index (7395.49) in the week before was rejected at six-month-old channel resistance; … Continued
Following futures positions of non-commercials are as of July 31, 2018. 10-year note: Currently net short 590.1k, up 80.6k. The first paragraph of this week’s FOMC statement contains the word “strong” twice and “strongly” once in describing the economy. This … Continued
QQQ made an all-time high last week, but failed at channel resistance. With the 2Q earnings season winding down, shorts may have better odds. QQQ (Invesco QQQ Trust) hit a new all-time high of $182.93 last Wednesday. It has had … Continued
Following futures positions of non-commercials are as of July 24, 2018. 10-year note: Currently net short 509.5k, up 40.4k. Bond bulls have an opportunity. Remains to be seen if they can cash in on it. The 10-year Treasury yield (2.96 … Continued
With a feeble rectangle breakout and rejection at the upper end of a rising channel last week, SPY is giving out signs of fatigue. Things look good. Even great, some might argue. This Friday, the first print of 2Q18 GDP … Continued
Following futures positions of non-commercials are as of July 17, 2018. 10-year note: Currently net short 469.1k, up 30k. Speaking to Congress in his Humphrey-Hawkins testimony this week, Jerome Powell, Fed chair, downplayed the risks posed by debt, saying nothing … Continued
As 2Q earnings season got underway, the S&P 500 large cap index broke out of 2800. If it were to rally toward its late-January all-time high, it has to first win over resistance around 2840. The S&P 500 (2809.55) faced … Continued
There are some early signs markets are undergoing a subtle change – particularly as relates to the dynamics between small- and large-caps. Right after Donald Trump was elected US president on November 8, 2016, small-caps became one of the go-to … Continued