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MAY 14, 2020
STOCKS – F, T, GE
MACRO – SPY, EWY, SX5E
Short-Terms – Bearish
Long-Term Trends – Bearish
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- Thoughts On The Fed Buying Corporate Bond ETFs
- S&P 500 Stuck In Gamma Zone – Midday
- LARGE SELL-PROGAM MOVED EOD
- The Decline In Bank Stocks May Only Be Starting
- Sorry Not To Be Doom And Gloom, But.
- 2500 Is Becoming Very Possible
S&P 500 (SPY)
The S&P 500 futures are down about 25 bps and have stayed below that 2,825 level all night. Does that mean something? It may. Yesterday There was approximately $1.3 billion to buy on the closing cross, and stocks lifted in those final 10 minutes. As the index moved higher, it was when the S&P 500 reached around 2820, the imbalance paired off. It tells me that at 2820 level and higher for now are where the sellers are living. So the fact that the futures traded below 2825 level all night is interesting and noteworthy.
An increase above 2825 can probably push the index higher towards 2860. A drop below 2,800 sets up a move to 2730.
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Stoxx 50
It surely is not looking good in Europe with the Euro Stoxx 50, with what appears to be a completed head and shoulder pattern. If that is the case, then a drop to 2630 may only the start.
S&P 500 Stocks Above Their 50-Day
The number of stock in the S&P 500 above their 50 day-moving average is right back to where they were in February. Really, even a head and shoulders pattern here, but in the RSI. What gives?
South Korea (EWY)
Meanwhile, the KOSPI RSI is now rolling over too.
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Ford (F)
Keep an eye on Ford, the stock is breaking its mini-uptrend, and it looks awfully like a bear flag.
GE (GE)
GE is also falling out of its descending triangle.
AT&T (T)
AT&T is also breaking down and has some support at $27.35.
Anyway, that’s all I got. Don’t initial jobless claims at 8:30 AM. That should be interesting.
-Mike
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