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Showing posts with label Stock Market Update. Show all posts

Sunday, January 21, 2024

Stock Market Update Friday January 19, 2024

Stock Market Update Friday January 19, 2024 ALGOTRADEALERT JAN 20 ∙ Stock Market Update Friday January 19, 2024 The stock markets are showing enthusiasm for an upward start in 2024; however, I anticipate another brief seasonal dip in the coming weeks before the rally gathers substantial momentum. Today's option expiration had an unusually substantial impact, contributing to a notional market cap of approximately $1.7 trillion. During options expiration, market makers need to close the price where they can maximize profits. As a result, the markets experienced a modest upward pull through midday, led by the Nasdaq, which gained 0.5%. In the afternoon, the upward momentum intensified, particularly driven by the tech sector, causing the Nasdaq to register a gain of just over 1.5% for the day. Away From Stocks: Treasury's saw another mixed showing with two-year yields climbing five basis points to 4.39% and the long bond ticking to 4.36% from 4.37% Thursday, while WTI crude closed at $73.25 a barrel and gold finished little changed at $2,029 per ounce. The VIX settled a bit north of 13.31

Friday, January 19, 2024

Stock Market Update Thursday January 18, 2024 Today

Stock Market Update Thursday January 18, 2024 Today, Apple received an upgrade, and Taiwan Semiconductor expressed optimism, stating that the technology sector had hit bottom and forecasting a robust growth year in 2024. This announcement ignited enthusiasm across the tech industry, especially in the chip sector. As a result, the Nasdaq experienced a midday rally of about 1%, while the S&P showed roughly half the strength, and the Dow lagged behind. Later in the afternoon, the Nasdaq surged higher, concluding the day with an impressive gain of almost 1.5% Away From Stocks: Treasury's came under some pressure at the long end with 30-year yields rising six basis points to 4.37%, while the two-year note remained at 4.34% after yesterday’s 12 basis point march higher. WTI crude closed $73.95 a barrel, gold rose to $2,023 per ounce and the VIX retreated from yesterday’s multi-week highs back towards 14.34. In technical analysis, a bear flag is a continuation pattern that can signal a potential downtrend continuation in the price of an asset. It consists of two main components: Flagpole: The pattern begins with a sharp and steep downward price movement, known as the flagpole. This represents a significant and rapid decline in the asset's price. Flag: Following the flagpole, there is a consolidation period marked by a rectangular-shaped pattern with parallel trendlines, known as the flag. The flag typically slopes upward slightly against the prevailing downtrend.

Sunday, January 07, 2024

Stock Market Update Friday January 5, 2024 ALGOTRADEALERT JAN 6

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Stock Market Update Friday January 5, 2024 Solid labor market data tempered optimism for a potential rate cut, putting pressure on stock prices. The substantial jobs report on Friday presented a mixed picture. In December, nonfarm payrolls grew by 216k, maintaining the unemployment rate at 3.7%, with hourly earnings increasing by 0.44%. However, enthusiasm was tempered by revisions, with October revised down and November. This marks a trend where 10 of the last 11 months have seen downward revisions from the initial nonfarm payroll figures.

Initially, stock index futures reacted negatively to the news, but a turnaround occurred at the opening bell, leading to a rally until around lunchtime. However, most of these gains were later retraced. In a down cycle, we are likely to see rallies being sold, indicative of a downtrend. Despite the volatility, the major averages mostly closed in positive territory. It is crucial that the markets close positively on Fridays. Our economy is primarily consumer-based, and a positive market close on Fridays tends to boost consumer confidence, encouraging weekend shopping.

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Review of our Recent Buy Alert: To provide context, we issued a buy alert for the S&P500 on Wednesday November 1, 2023. At that time, the index was trading in the range of $419 and we are closing our long position roughly around $470.

Premium Content: January 3rd, 2024 We alerted our premium clients to sell short or take profits are there longs.

Stocks: Short term we expect to sell rallies during a down cycle.

Stocks Long term: We are in an uptrend Weekly Chart. Our key support level will be the green line weekly.

Stocks: Sell Alert Friday January 5, 2024

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