If the market can make yet another higher low then the uptrend will stay intact. November will be a key month as we need to watch where the market pulls back to. $SPY, the ETF tracking stock of the S&P 500įrom a technical analysis perspective, shallow new highs after a deep pullback is an early sign that the current trend is faltering. At these price levels, oil and energy costs become a drag on the entire economy, as well as the lead factor in inflation. dollar could push oil above $90 dollars a barrel, possibly even up to the key psychological level of $100 a barrel. The combination of normal seasonal demand increases and the ever weakening U.S. $USL, the ETF that tracks oil on a 12-month basis, is currently in a very bullish uptrend. dollar will weaken considerably on the passing of yet more deficit spending right in front of the still unresolved debt ceiling issue. Also, the $3.5 trillion dollar human infrastructure bill has been reduced down to a more acceptable $1.75 trillion dollars, but has still not been passed. So be prepared for a repeat of that political drama in just a few short weeks. sovereign debt was delayed until December. federal government and the default on U.S. In the $QQQ ETF tracking stock for the NASDAQ 100 pictured below, the RSI seems to be putting in a lower high which is a bearish signal, and the MACD also seems to be indicating a reversal soon as the momentum is slowing down.įirst, on the political front, the near disastrous shut down of the U.S. Before we get into those expectations, let’s talk about some very important undercurrents and technical factors of importance. This latest up move has been driven by excellent earnings results, with a few noticeable exceptions. The perfect storm seems to have been averted for the moment. Your continued use of the TexTrading, LLC website and services within constitutes your agreement to the Terms and Conditions & Privacy Policy.As the month of October comes to a close, the markets are once again near record highs. Past Performance is not necessarily indicative of future results. Opinions, market data, and recommendations are subject to change at any time. You may lose all or more of your initial investment. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Trading any financial instrument involves substantial risk of loss and is not suitable for all investors. Nothing contained in our content constitutes a solicitation, recommendation, promotion, or endorsement of any particular security, other investment product, transaction or investment. TexTrading, LLC is not in the business of transacting trades, nor does TexTrading, LLC agree to direct your brokerage accounts or give trading advice tailored to your particular situation. TexTrading, LLC does not provide investment or financial advice or make investment recommendations. Risk Disclosure: Neither TexTrading, LLC or any of its officers, directors, employees, other personnel, representatives, agents or independent contractors is, in such capacities, a licensed financial adviser, registered investment adviser, registered broker-dealer or FINRA | SIPC | NFA - member firm.
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