Stock Market Futures Flat. Mixed Signals Abound
Stock-Markets / Stock Markets 2016 May 16, 2016 - 03:23 PM GMT
SPX Premarket has been flat up until now. There may be a better indication of direction closer to the open.
The attempts at a bounce have been technical and haven’t had a large effect. ZeroHedge reports, “The main risk over the weekend was that markets, which have now dropped for three consecutive weeks the longest negative streak since January, would focus their attention on the latest batch of negative Chinese economic news released over the weekend, which missed expectations across the board, most prominently in Retail Sales (10.1% vs. Exp. 10.6%, down from 10.5%) and Industrial Production (6.0% vs. Exp. 6.5% down from 6.8%), an
However, after some initial weakness, the risks were all but gone when first the USDJPY jumped on another round of deflationary Japanese economic data (PPI Services -4.2%, Exp. -3.7%) which led to renewed hopes of more BOJ easing and a jump in the USDJPY and thus US futures.”
Today is a Pi Date, signifying an important low may be at hand. The earliest Cyclical interval for a turn appears to be near 1100 hours on Tuesday, Eastern time. I will bring up other interval as they may be indicated.
VIX futures have bounced (while the ETFs are nominally lower), indicating something may be afoot.
TNX shares are higher, but no directionality is being indicated. In other words, it may be the customary bounce before the decline through the neckline. I have moved the Wave (ii) symbol to the right, suggesting a brief probe to the 2-hour mid-Cycle resistance at 17.90.
Anything may happen here. TNX has completed its Wave (i) impulse to the neckline while SPX appears to be in the middle of its decline.
Gold futures have been up to 1290.34 this morning. There may be an attempt at the Cycle Top resistance at 1303.46 today. A failure at that level may spell trouble for gold.
Regards,
Tony
Our Investment Advisor Registration is on the Web.
We are in the process of updating our website at www.thepracticalinvestor.com to have more information on our services. Log on and click on Advisor Registration to get more details.
If you are a client or wish to become one, please make an appointment to discuss our investment strategies by calling Connie or Tony at (517) 699-1554, ext 10 or 11. Or e-mail us at tpi@thepracticalinvestor.com .
Anthony M. Cherniawski, President and CIO http://www.thepracticalinvestor.com
As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals.
Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.
Anthony M. Cherniawski Archive |
© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.
