As we can see form the 15 minute chart of the SPY above, despite two attempts to BO, the week ended almost unchanged. We carved out a series of dojis on the daily, implying indecision. The Nasdaq continues to outperform. We note more distribution on the SPY, however, weakness continues to be bought. Therefore, we can't conclude anything bearish from this week's action.Reaction to U.S. elections and FOMC policy statement will be interesting. Jobs data on Friday will no doubt be an important factor.
The $USD tried to rally from minor support, but now looks poised to retest the lower channel.
GLD looks bullish after some backing and filling. Weakness in the $USD will no doubt fuel a retest of the recent highs. Silver has already retested and broken out.
Oil could retest $87.00 on a weaker dollar, but the chart is less compelling.
Negative divergence of RSI to higher prices in corn futures, foreshadows the end of the move is near.
Materials holding up, but banks still look vulnerable.
Some companies of interest reporting this week:
Monday: ACOR, AGN, BHI, CTSH, CTB, ICE, JKS, APC, ESLR, EXTR, WFR, NTRI, and VMC.
Tuesday: ADM, BP, CLX, COCO, K, NYX, CECO, CQB, ERTS, HTZ, LEAP, MYGN, TEVA, OPEN, STEC, and WYNN.
Wednesday: ANR, ASCA, CVS, GRMN, JRCC, MGM, TAP, Q, TWX, CELL, FRPT, ROCK, JCOM, QCOM, MELI, MUR, PRU, SWIR, THQI, WBMD, and WFMI.
Thursday: APA, BDX, CVC, CBOE, CCOI, DTV, RAIL, PCS, ZEUS, SMG, TWC, UPL, USM, WWE, AMLN, BEBE, NILE, CEDC, CF, FLR, FTEK, HANS, JDSU, MCHP, SBUX, and SVNT.
Friday: BZH, BAM, CEP, DISH, SATS, FIG, FWLT, FCN, NVAX, PXP, SOL, and YRCW.
Tuesday: ADM, BP, CLX, COCO, K, NYX, CECO, CQB, ERTS, HTZ, LEAP, MYGN, TEVA, OPEN, STEC, and WYNN.
Wednesday: ANR, ASCA, CVS, GRMN, JRCC, MGM, TAP, Q, TWX, CELL, FRPT, ROCK, JCOM, QCOM, MELI, MUR, PRU, SWIR, THQI, WBMD, and WFMI.
Thursday: APA, BDX, CVC, CBOE, CCOI, DTV, RAIL, PCS, ZEUS, SMG, TWC, UPL, USM, WWE, AMLN, BEBE, NILE, CEDC, CF, FLR, FTEK, HANS, JDSU, MCHP, SBUX, and SVNT.
Friday: BZH, BAM, CEP, DISH, SATS, FIG, FWLT, FCN, NVAX, PXP, SOL, and YRCW.
The $USD tried to rally from minor support, but now looks poised to retest the lower channel.
GLD looks bullish after some backing and filling. Weakness in the $USD will no doubt fuel a retest of the recent highs. Silver has already retested and broken out.
Oil could retest $87.00 on a weaker dollar, but the chart is less compelling.
Negative divergence of RSI to higher prices in corn futures, foreshadows the end of the move is near.
Materials holding up, but banks still look vulnerable.
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