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Today's Trackdown: Wednesday - Sept. 11, 2019

  • Brief Recap and Updates on the Markets
  • SPY Charts and some Technical Analysis

In Tuesday's action:    Sept. 10, 2019

Dow 26909.41 +73.92 (0.28%)
Nasdaq 8084.19 -3.28 (-0.04%)
SP 500 2979.39 +0.96 (0.03%)

The S&P 500 gained a small fraction on Tuesday, ending at its best levels after trading with small losses for most of the day. Tuesday's action saw traders continuing to rotate out of this year's best-performing stocks for those perceived as having more potential value.


News to keep in mind Wednesday morning:

  • Futures trade vs fair value were slightly higher late last night... Dow +10, S&P +1, Nasdaq +7, Russell +3.
  • The biggest factors in the market right now are; Global Economy, China trade talks, Fed speak, and the US Treasury markets.
  • Keep an eye on the VIX - The CBOE Volatility Index is down in the mid-teens. This is a level at which usually means we are in a risk on environment.
  • CHINA TRADE WAR is still an ongoing drama!

Today's Economic Calendar:

  • 07:00 ET:  MBA Mortgage Applications Index
  • 08:30 ET:  PPI
  • 08:30 ET:  Core PPI
  • 10:00 ET:  Wholesale Inventories
  • 10:30 ET:  EIA Crude Oil Inventories

THE CHARTS:

(NOTE: Charts are a good guide but when a tweet or news item can jerk the markets around, they mean a bit less.)

The markets ended mixed again on Tuesday, with no changes to the charts. We are still cautious due to many macro economic and geopolitical issues, but things are looking better lately. The next problem area for the market is the strong resistance at SPY 300.

We still reiterate the note above, as the charts mean a bit less when a tweet or news item jolts the market without notice.

*Repeating* - Due to MANY different geopolitical concerns / global growth concerns we are remaining cautious. (Meaning not starting any new large long positions, taking some profits).

The strong resistance level we had at 294 was decisively broken to the upside and may now become support. We will observe and show the previous support and resistance levels, but we now have a new tight 294-300 trading range.

The MACD is positive/crossed upwards. The Stochastics are overbought. The Money Flow is positive. We are above the 50-day MA.

The 50-day MA (294.51)(+.11) and the 200-day MA (279.47)(+.19)

On the 9-month chart below, the previous patterns are behind us. Shown now is the support level at 280 and the top just over the 300 level. We are in a 280/290 to 300 trading range for now.

  • Nasdaq Composite +21.8% YTD
  • S&P 500 +18.9% YTD
  • Dow Jones Industrial Average +15.4% YTD
  • Russell 2000 +14.4% YTD

$SPY $DIA $IWM $QQQ

Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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