Stock Market Challenges the 50-day Averages
Stock-Markets / Stock Markets 2014 Oct 30, 2014 - 02:40 PM GMT
The Premarket SPX is down this morning. It had earlier challenged the 50-day Moving Average at 1957.40 and has since bounced from that level.
USD/JP attempted a huge spike this morning to ignite the market, but the response was muted, so USD/JPY reversed into the red.
From the BEA, “Real gross domestic product -- the value of the production of goods and services in the United
States, adjusted for price changes -- increased at an annual rate of 3.5 percent in the third quarter of
2014, according to the "advance" estimate released by the Bureau of Economic Analysis. In the second
quarter, real GDP increased 4.6 percent.”
ZeroHedge reports that this is due to a large increase in government spending.
DOL reports, “In the week ending October 25, the advance figure for seasonally adjusted initial claims was 287,000, an increase of 3,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 283,000 to 284,000. The 4-week moving average was 281,000, a decrease of 250 from the previous week's revised average.”
The initial Jobless Claims numbers are very near a 40-year low, keeping the Fed trapped with its hawkish view.
SPX futures are attempting to bring the SPX back to breakeven for the opening….
TNX is pulling back, but the decline is rapidly becoming oversold. The Wave pattern is still unclear, but the Cycles are bullish for interest rates.
Regards,
Tony
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