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Stocks Rise, USD Falls

Stock-Markets / Financial Markets 2017 Dec 29, 2017 - 03:44 PM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX futures finally made the final high that has been discussed earlier this week. Of course, the central banks had to wait until the last day of the year. Yesterday was proposed as the final day of strength by the Cycles Model, but that doesn’t mean it cannot be stretched. The final target may be as high as 2719.00, but as it rises over 2700.00, we may see some selling prossure kick in.

ZeroHedge reports, “With just a few hours left until the close of the last US trading session of 2017, and most of Asia already in the books, S&P futures are trading just shy of a new all time high as the dollar continued its decline ahead of the New Year holidays.


Indeed, markets were set to end 2017 in a party mood on Friday after a year in which a concerted pick-up in global growth boosted corporate profits and commodity prices, while benign inflation kept central banks from snatching away the monetary punch bowl. As a result, the MSCI world equity index rose another 0.15% as six straight weeks and now 13 straight months of gains left it at yet another all time high.

In total, world stocks haven't had a down month in 2017, with the index rising 22% in the year adding almost $9 trillion in market cap for the year.”

NDX futures are not making new highs. As mentioned earlier, it may be limited by the Cycle Top resistance at 6512.48.

VIX futures are modestly lower. There is a risk that VIX may be pummeled into the close of the year to assure equity market highs. It has happened before, despite liquidity problems, or maybe it will be done to mask those problems.

TNX is flat this morning, but may resume the decline at any time. It is anticipating a Master Cycle low in another week or so. The first week of Janauary appears to be primed for a short covering rally in T-bonds as yields drop as far as the 50-day Moving Average at 22.88 or possibly lower.

USD is making new lows with a new morning low since September of 91.95. A Primary Cycle low may be due at the end of the first week of January. This implies a probable Wave 3 panic decline.

Regards,

Tony

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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.

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