|Day's Range||7,580.22 - 7,817.74|
|52 Week Range||6,771.91 - 9,736.57|
At this time, we stand by our forecast for a minimum 50% to 61.8% correction of the entire rally from 2009 to 2020. That’s the value area that will start bringing in the real buyers and not just the reactionary buyers.
The price action on Friday suggests that all the money in the world isn’t that important to investors, but rather the end of the coronavirus pandemic.
Investing.com - Lululemon Athletica (NASDAQ:LULU) on Thursday pulled its annual guidance and reported fourth-quarter earnings and revenue that topped expectations thanks to growing margins and a strong performance in its direct-to-consumer business.
The early reaction by investors suggests investors aren’t too impressed by the package. However, when combined with the Fed’s moves earlier in the week, the market could garner some support.
Some experts see a struggle for the economy and the stock market despite the huge rally on Tuesday and the stimulus help because there is no clear sign that the coronavirus outbreak will be contained soon.
Based on the early price action and the current price at 7330.00, the direction of the June E-mini NASDAQ-100 Index the rest of the session on Tuesday will likely be determined by trader reaction to the pivot at 7128.75.
The paradigm shift I spoke about last year is unfolding before our very eyes. Precious metals will emerge from this crisis as the premier asset class for investors.
The angle at 7470.75 has been guiding the index lower for 12 weeks. This angle is the potential trigger point for an acceleration to the upside with the next major target the short-term 50% level at 7958.50.
All major US indexes have more downside potential this week but should find a bottom at these critical support levels and provide a new trade setup in equities soon.
Based on the early price action and the current price at 7474.25, the direction of the June E-mini NASDAQ-100 Index the rest of the session on Tuesday is likely to be determined by trader reaction to the first downtrending Gann angle at 7476.50.
The move by the Fed drove down U.S. Treasury yields, erasing the impact of last week’s moves by the central bank to shore up the financial markets. Lower yields weakened the dollar against all major currencies.
The Fed didn’t intervene last week to save the stock market, it moved to save the financial system. And it probably made the best move at the right time. Just look at how many markets were impacted by its move to make liquidity available.
Based on the earlier price action and the current price at 7416.50, the direction of the March E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to the main Fibonacci level at 7441.00.
Investing.com - Chipmaker Broadcom (NASDAQ:AVGO) on Thursday reported first-quarter results that fell short of estimates and warned of increasing demand uncertainty, forcing it to pull its prior annual guidance.
It’s been quite a week for the global financial markets. The spread of the coronavirus to the West doesn’t just have governments scrambling but also the markets…
Based on the early price action and the current price at 8382.00, the direction of the March E-mini NASDAQ-100 Index the rest of the session on Wednesday is likely to be determined by trader reaction to the pivot at 8096.50.
The market is currently trading at 8150.50, which is nearly the mid-point of the day’s range and about halfway between a pair of uptrending Gann angles at 8350.00 and 7922.00.
Over the near-term expect the U.S. economy to move from solid to shaky ground. We join other investors in expressing fear the coronavirus epidemic could derail the longest U.S. economic expansion in history, now in its 11th year, through disruptions to supply chains and exports.
Airline stocks hit a three-year lows as consumers canceled trips and are cutting back on travel. Crude oil prices dropped more than 2% as concerns over demand offset an OPEC production cut. Crude oil prices dropped, weighing on energy shares demand destruction due to the spread of the coronavirus, offset a larger than expected cut.
Our researchers believe the US stock market will set up a major bottom sometime between May and June 2020 (possibly a bit later) and from that point we expect the US markets to begin to move gradually higher.