July 12 Market Update | Technical, Fundamental, News
Description:
An analysis for the week ahead.
Points of Interest:
S&P $3,200 Balance; Multi-Week Consolidation; Close Above Mechanical Highs; Nasdaq Overextension; Financials Find Support.
Technical:
Broad-market equity indices balanced last week, evidenced by the responsive, tight trading range.
Recapping last week’s action, on Monday, the S&P 500 traversed higher and left minimal excess before balancing into the close. Tuesday’s session made an attempt for Monday’s high, near $3,180, but sold off, leaving value higher and closing just below the overnight low.
After a quick morning liquidation, Wednesday’s session rejected prices in the lower part of the balance area and left value overlapping, with a close at the highs. Thursday responded lower, after a quick push to the $3,170 area of resting liquidity, to and through a low volume area and the prior day’s low, before squeezing back into range. Despite the high gamma expiration suggesting many names could pin, Friday opened up around a composite high-volume area, within range, and attempted lower, before responding back through the open, and repairing earlier weak highs. bit.ly/3fp3gQT
Looking beyond broad market indices, the innovation-driven, technology-based sectors are extremely extended while relatively weak sectors, such as energy and financials, have found it hard to come by support.
Overall, the market is at an important level and will likely, based on its reaction to Friday’s close, experience volatility in coming sessions.
Scroll to bottom of document for non-profile charts.
Key Events:
Federal Budget; NFIB Business Optimism; CPI; NY Fed Manufacturing; Industrial Production; Initial Claims; Retail Sales; Business Inventories; NAHB Housing Market Index; Building Permits; Housing Starts.
Fundamental:
In light of extremely accommodative policies, investors should feel optimistic. bit.ly/3enense
United Airlines Holdings Inc (NASDAQ: UAL) may furlough 36,000 staff. on.wsj.com/2W88Zmv
UAL
Rivian raised $2.5B led by T. Rowe Price Group Inc (NASDAQ:TROW). bit.ly/301B7Jl
TROW
Economic weakness may lead to new rounds of layoffs, business failures. bit.ly/3eiMp0R
Corporate loan growth may slow as firms make use of liquidity piles. bit.ly/2Co7idQ
OPEC and allies to ease oil cuts amid demand recovery. on.wsj.com/2ZjPCJd
Canada’s long-term financial profile is consistent with AAA rating. reut.rs/300rJpn
Tesla Inc (NASDAQ: TSLA) to hold shareholder meeting, battery day on 9/22. on.mktw.net/2AQjK5E
TSLA
Credit Suisse Group AG (NYSE: CS) settles shareholder suit over debt. reut.rs/3gNHZkg
CS
Boeing Co (NYSE: BA) scrambles over 737 MAX financing. reut.rs/32aDb4k
BA
Amazon.com Inc (NASDAQ: AMZN) rolling out bigger United Parcel Service Inc (NYSE: UPS), FedEx Corporation (NYSE: FDX) style trucks. reut.rs/2ZnDrvg
AMZN
Pfizer Inc (NYSE: PFE), BioNTech SE (NASDAQ: BNTX) vaccine ready by end of year. reut.rs/2Zjk0U4
PFE
BNTX
Canada posts record job gains in June as services reopen. reut.rs/3gTDmVI
U.S. producer prices fall while underlying inflation stabilizes. reut.rs/3fp5b8b
Europe challenges Visa Inc (NYSE: V) and Mastercard Inc (NYSE: MA). bit.ly/3eo6z9P
V
MA
A Citigroup poll of 140 fund managers found that 62% expect Biden to win. bit.ly/3iUVfFB
C
International trade in LNG collapsed, squeezing outlets for U.S. shale. on.wsj.com/327TsXI
IEA raises 2020 oil demand forecast, but warns COVID-19 clouds outlook. reut.rs/2W91DiY
Increased tax rates may not matter as much with central banks adding liquidity. bit.ly/3iUVfFB
Jefferies economic activity index has been flat-lined for numerous weeks. bit.ly/3iUVfFB
Legislation to move Chicago casino forward a credit positive. bit.ly/3iXNm27
China’s manufacturing recovered and exports normalized. bit.ly/2ZlWFkF
White House aides urge proposals to undermine Hong Kong’s peg to USD. bloom.bg/2C28MKY
DXY
Uber Technologies Inc (NYSE: UBER) to acquire Postmates for $2.65B. bit.ly/2CnYy7w
UBER
Savings rate, liquidity to fund upside for motor vehicles, housing. bit.ly/3gSiZZi
Coinbase crypto exchange prepares stock market listing. reut.rs/3gNBdLt
Twitter Inc (NYSE: TWTR), Stitch Fix Inc (NASDAQ: SFIX), Wayfair Inc (NYSE: W), and UpWork Inc (NASDAQ: UPWK) have room for upside. bit.ly/32gxQIG
TWTR
SFIX
W
UPWK
U.K. COVID-19 measures add fiscal cost, consolidation plan coming. bit.ly/300Kol1
Latin American connectivity leading to increased digitalization of work, commerce. bit.ly/3fkrmfG
Decline in unemployment largely the result of classification. bit.ly/3fmCBV3
Coronavirus to weigh on fiscal 2021 tax revenues despite employment bump. bit.ly/3iXNm27
Pandemic Unemployment Assistance claims have risen. bit.ly/3fmCBV3
Pandemic is outpacing the ability to respond in some states. bit.ly/2Zk6mQy
Gold rally backed by fears of future inflation, debt, and negative yield. bit.ly/2AODAOC
Sentiment: 27.2% Bullish, 30.2 Neutral, 42.7% Bearish as of 7/12/2020. bit.ly/330VhEp
Gamma Exposure: (Trending Lower) 5,251,920,785 as of 7/12/2020. bit.ly/2UpgtRE
Dark Pool Index: (Trending Lower) 44.3% as of 7/12/2020. bit.ly/2UpgtRE
Product Analysis:
S&P 500 (ES):
SPY
SPX
Nasdaq 100 (NQ):
QQQ
NDQ
Russell 2000 (RTY):
IWM
RUT
Gold (GC):
GLD
Crude Oil (CL):
USO
UNG
DBO
Treasury Bonds (ZB):
TLT
Disclaimer:
This is a page where I look to share knowledge and keep track of trades. If questions, concerns, or suggestions, feel free to comment. I think everyone can improve, especially me.
In no way should this post be construed as investment advice.
An analysis for the week ahead.
Points of Interest:
S&P $3,200 Balance; Multi-Week Consolidation; Close Above Mechanical Highs; Nasdaq Overextension; Financials Find Support.
Technical:
Broad-market equity indices balanced last week, evidenced by the responsive, tight trading range.
Recapping last week’s action, on Monday, the S&P 500 traversed higher and left minimal excess before balancing into the close. Tuesday’s session made an attempt for Monday’s high, near $3,180, but sold off, leaving value higher and closing just below the overnight low.
After a quick morning liquidation, Wednesday’s session rejected prices in the lower part of the balance area and left value overlapping, with a close at the highs. Thursday responded lower, after a quick push to the $3,170 area of resting liquidity, to and through a low volume area and the prior day’s low, before squeezing back into range. Despite the high gamma expiration suggesting many names could pin, Friday opened up around a composite high-volume area, within range, and attempted lower, before responding back through the open, and repairing earlier weak highs. bit.ly/3fp3gQT
Looking beyond broad market indices, the innovation-driven, technology-based sectors are extremely extended while relatively weak sectors, such as energy and financials, have found it hard to come by support.
Overall, the market is at an important level and will likely, based on its reaction to Friday’s close, experience volatility in coming sessions.
Scroll to bottom of document for non-profile charts.
Key Events:
Federal Budget; NFIB Business Optimism; CPI; NY Fed Manufacturing; Industrial Production; Initial Claims; Retail Sales; Business Inventories; NAHB Housing Market Index; Building Permits; Housing Starts.
Fundamental:
In light of extremely accommodative policies, investors should feel optimistic. bit.ly/3enense
United Airlines Holdings Inc (NASDAQ: UAL) may furlough 36,000 staff. on.wsj.com/2W88Zmv
UAL
Rivian raised $2.5B led by T. Rowe Price Group Inc (NASDAQ:TROW). bit.ly/301B7Jl
TROW
Economic weakness may lead to new rounds of layoffs, business failures. bit.ly/3eiMp0R
Corporate loan growth may slow as firms make use of liquidity piles. bit.ly/2Co7idQ
OPEC and allies to ease oil cuts amid demand recovery. on.wsj.com/2ZjPCJd
Canada’s long-term financial profile is consistent with AAA rating. reut.rs/300rJpn
Tesla Inc (NASDAQ: TSLA) to hold shareholder meeting, battery day on 9/22. on.mktw.net/2AQjK5E
TSLA
Credit Suisse Group AG (NYSE: CS) settles shareholder suit over debt. reut.rs/3gNHZkg
CS
Boeing Co (NYSE: BA) scrambles over 737 MAX financing. reut.rs/32aDb4k
BA
Amazon.com Inc (NASDAQ: AMZN) rolling out bigger United Parcel Service Inc (NYSE: UPS), FedEx Corporation (NYSE: FDX) style trucks. reut.rs/2ZnDrvg
AMZN
Pfizer Inc (NYSE: PFE), BioNTech SE (NASDAQ: BNTX) vaccine ready by end of year. reut.rs/2Zjk0U4
PFE
BNTX
Canada posts record job gains in June as services reopen. reut.rs/3gTDmVI
U.S. producer prices fall while underlying inflation stabilizes. reut.rs/3fp5b8b
Europe challenges Visa Inc (NYSE: V) and Mastercard Inc (NYSE: MA). bit.ly/3eo6z9P
V
MA
A Citigroup poll of 140 fund managers found that 62% expect Biden to win. bit.ly/3iUVfFB
C
International trade in LNG collapsed, squeezing outlets for U.S. shale. on.wsj.com/327TsXI
IEA raises 2020 oil demand forecast, but warns COVID-19 clouds outlook. reut.rs/2W91DiY
Increased tax rates may not matter as much with central banks adding liquidity. bit.ly/3iUVfFB
Jefferies economic activity index has been flat-lined for numerous weeks. bit.ly/3iUVfFB
Legislation to move Chicago casino forward a credit positive. bit.ly/3iXNm27
China’s manufacturing recovered and exports normalized. bit.ly/2ZlWFkF
White House aides urge proposals to undermine Hong Kong’s peg to USD. bloom.bg/2C28MKY
DXY
Uber Technologies Inc (NYSE: UBER) to acquire Postmates for $2.65B. bit.ly/2CnYy7w
UBER
Savings rate, liquidity to fund upside for motor vehicles, housing. bit.ly/3gSiZZi
Coinbase crypto exchange prepares stock market listing. reut.rs/3gNBdLt
Twitter Inc (NYSE: TWTR), Stitch Fix Inc (NASDAQ: SFIX), Wayfair Inc (NYSE: W), and UpWork Inc (NASDAQ: UPWK) have room for upside. bit.ly/32gxQIG
TWTR
SFIX
W
UPWK
U.K. COVID-19 measures add fiscal cost, consolidation plan coming. bit.ly/300Kol1
Latin American connectivity leading to increased digitalization of work, commerce. bit.ly/3fkrmfG
Decline in unemployment largely the result of classification. bit.ly/3fmCBV3
Coronavirus to weigh on fiscal 2021 tax revenues despite employment bump. bit.ly/3iXNm27
Pandemic Unemployment Assistance claims have risen. bit.ly/3fmCBV3
Pandemic is outpacing the ability to respond in some states. bit.ly/2Zk6mQy
Gold rally backed by fears of future inflation, debt, and negative yield. bit.ly/2AODAOC
Sentiment: 27.2% Bullish, 30.2 Neutral, 42.7% Bearish as of 7/12/2020. bit.ly/330VhEp
Gamma Exposure: (Trending Lower) 5,251,920,785 as of 7/12/2020. bit.ly/2UpgtRE
Dark Pool Index: (Trending Lower) 44.3% as of 7/12/2020. bit.ly/2UpgtRE
Product Analysis:
S&P 500 (ES):
SPY
SPX
Nasdaq 100 (NQ):
QQQ
NDQ
Russell 2000 (RTY):
IWM
RUT
Gold (GC):
GLD
Crude Oil (CL):
USO
UNG
DBO
Treasury Bonds (ZB):
TLT
Disclaimer:
This is a page where I look to share knowledge and keep track of trades. If questions, concerns, or suggestions, feel free to comment. I think everyone can improve, especially me.
In no way should this post be construed as investment advice.
This is a page where I look to share knowledge and keep track of trades. If questions, concerns, or suggestions, feel free to comment. I think everyone can improve (myself especially), so if you see something wrong, speak up.
