Although it rose 1.2 percent, the Nasdaq 100 essentially went sideways in March. This also offers tech bulls an opportunity to force another breakout. Catalysts are needed. There is, however, a month to go before the leading tech companies report … Continued
Following futures positions of non-commercials are as of March 26, 2024. 10-year note: Currently net short 578.3k, up 4.3k. Well, looks like a battle of sorts is brewing within the FOMC. Recent commentary from Federal Reserve Chair Jerome Powell has … Continued
Equity bears came up short last week, unable to take benefit of an opportunity to put the bulls on the defensive. Momentum remains with the bulls. With the S&P 500 having already rallied 28 percent from last October’s low, several … Continued
Following futures positions of non-commercials are as of March 19, 2024. 10-year note: Currently net short 574k, down 29.5k. It was almost as if Jerome Powell, Federal Reserve chair, did not want equities to go lower. That is the feeling … Continued
Yet again, equity bulls successfully denied bears of an opportunity to build on incipient downside momentum. Action in the last two weeks had given the latter some opening, but the door was slammed shut after Wednesday’s FOMC meeting. It increasingly … Continued
The major US equity indices closed last week either right on or in slight breach of trendline support from last October’s low. Bulls’ mettle is being tested, even as investor sentiment remains too giddy. The Nasdaq 100 ended the week … Continued
Following futures positions of non-commercials are as of March 12, 2024. 10-year note: Currently net short 603.5k, down 109.7k. Fed funds futures traders are sticking with their outlook for three 25-basis-point cuts this year, with the first cut taking place … Continued
With two more sessions to go this week, last week’s potentially bearish candle is not yet confirmed on the S&P 500. Concurrently, the bullish view continues to gather momentum as the ratio of Investors Intelligence bulls to bears crossed four … Continued
Amidst ecstatic bullish sentiment, major US equity indices last week exhibited signs of exhaustion. Confirmation is needed, but equity bears may have an opening here – duration and magnitude notwithstanding. Equity bulls are too bulled up. Chart 1 combines three … Continued
Following futures positions of non-commercials are as of March 5, 2024. 10-year note: Currently net short 713.3k, up 47.7k. Once again, markets are demanding more versus what the Federal Reserve is willing to give. Going into this week, fed funds … Continued