DB1, CME: the ECB working group on euro risk-free rates is calling on market participants and interested parties to comment on its assessment of candidate euro risk-free rates against key selection criteria. The new euro risk-free rate will replace EONIA, which will no longer meet the criteria of the EU Benchmarks.
So, what about that wedge in the Nasdaq I was looking at last week? The upward momentum stalled 61 days from the prior high. Oddly enough, it was tech stocks that stalled last week while McDonald's had that big day on Thursday which drove the Dow. MCD is rated seventh in the Dow in terms of its weighting. A lot of other Dow names started well but backed off. On the same day all the FAANGs got hit.
Major U.S. benchmarks are holding Monday’s gains and then some this morning after the Nasdaq Composite closed at a record high to start the week. Europe is leading this morning, the DAX is + 0.8% while Asia is muted. Traders want to keep an eye on Europe as Italy’s new PM Conte faces a bit of a confidence vote, though the coalition that appointed him has a majority.
Pre-signals for a reversal rally higher in the S&P 500 emerged in related symbols’ charts today. Also, some reversal candles exist intraday below my projected weekly reversal zones/lows. Do be aware of trending S&P pivots’ opposition to reversals for this entire week and that no S&P 500 signals exist yet.
Wall Street ended mixed on Monday as tech stocks continued to lead the major indices. The S&P 500 finished flat at 2,670, with the 1.07% gain in materials offset by the 0.43% decline in the tech sector.
Earnings season is just getting underway and stocks extend their short-term uptrend. Yesterday's trading session was mixed, as the market reached potential resistance level. Is this a topping pattern or just quick profit taking action before another leg higher?
Bulls regained their strength on Wednesday, as stocks retraced Monday's sell-off following lower opening of the trading session. The S&P 500 index extends its short-term consolidation despite trade war, interest rate hikes fears. So, is medium-term bullish case valid again?