In about three hours, the Fed will release its interest rate decision and statement followed by Powell’s press conference. While it’s almost a lock that the Fed will hold interest rates steady, it seems likely that the statement and Powell…
Heavy machinery maker Caterpillar (CAT) reported 3Q23 earnings Tuesday morning and the stock is breaking down below its 200 DMA at the open. While sales of $16.8 billion beat estimates and increased by 12% compared to a year ago, investors…
Last week was an important week as the market cap weighted S&P and NASDAQ both broke below their 200 DMAs. It was something I’d been expecting given the underlying internal weakness in the market for quite some time now (“The…
On Wednesday night I said that “The Bull Market Has Been Canceled” because the Big Tech stocks that had been holding up the market were starting to fail. The smaller stocks in the S&P and Russell 2000 had already broken…
Any weakness in [Big Tech’s earnings reports] could be the catalyst for the market weight S&P to decisively break below its 200 DMA which I’ve been forecasting for three weeks now – “Market Technicals Heading Into Big Tech Earnings”, Top…
The market weight S&P 500 closed just below its 200 DMA Monday as we head into the heart of 3Q23 earnings season with Google (GOOG/GOOGL), Microsoft (MSFT), Facebook (META) and Amazon (AMZN) all reporting earnings this week. As Karen Langley…
Fed Chair Powell sent interest rates soaring and tanked the stock market Thursday when he continued to press his “higher for longer” narrative at the Economic Club of New York. He doesn’t seem to understand that it’s time to change…
One result of the relentless rise in interest rates – which reversed a bit last week – is that the Fed is now on pause and likely done with its rate hiking campaign. Fed Futures are pricing in a 94%…
There is a dealer at Casino M8TRIX in San Jose who is also a stock trader and likes to talk to me about the market when I play poker there. When I walked in yesterday, as soon as he saw…
On August 24, I argued in “The Bear Market Rally Is Over” that the outperformance of The Magnificent 7 was masking weak overall market internals and that the bear market was over. About a month later on September 20, the…