FXTM information and reviews
FXTM
95%
OctaFX information and reviews
OctaFX
94%
XM information and reviews
XM
93%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
91%
HFM information and reviews
HFM
89%

Stock Market Breadth


11 October 2021

Stock markets are likely to remain reticent today as the biggest market, the US, will be closed today for a bank holiday. Overall, investors and traders are mainly going to try to make some sense out of the US NFP data,­­­ which really rattled the markets on Friday as the number came in much lower than the market’s expectations. In addition to this, investors and traders are also going to be focused on the US earnings as well. Companies like JP Morgan, Goldman Sachs and Citigroup all will be reporting their earnings this week.

Overall, analysts expect the S&P 500 to show growth of 27.6% for the S&P 500 during the third quarter. Financial sector is likely to see some serious gains as traders are expecting overall environment to remain favourable for banks.

Over in Asia, the focus is still on the Chinese property giant, Evergrande group. The company missed two interest rate payment deadlines last month and more bond coupon payments are due today as well. Trading in company’s shares has been suspended for some time, since October 4th.  

Asian Markets 

The Asian stock market traded mostly higher on the first trading day of the week. The Nikkei index advanced 1.55%. The HSI index increased by 2.27%, while the Shanghai index gained 0.41%. The ASX index dropped by 0.35%.

The Dow Jones’ market breadth lost further momentum on Friday. 63% of the Dow Jones stocks traded above their 200-day moving average. The S&P 500 stock breadth also displayed weakness on Friday.61% of the shares traded above their 200-day moving average. 

Dow Jones Futures Today

The Dow Jones futures are trading lower today and the cash index will remain closed today. In terms of economic data, investors will be looking at the US CPI reading which is due on Wednesday. In addition to this, we also have the FOMC Meeting Minutes taking place on Wednesday this week and the expectations are that the Fed may drop some hawkish hints during their monetary policy meeting.  The forecast for the CPI data is 0.3% while the previous number was also the same. 

The Dow Jones futures are likely to remain lifeless today as the US stock market is closed for a public holiday today. In terms of the Dow Jones’s price action, there is no doubt that the Dow’s price action has been consolidating for the last number of days, which means traders are lost for direction.

Having said that, the price is still maintaining its upward trend and this is because the Dow’s price is trading above the 200-day SMA on the daily time frame. However, the price is also struggling to stay above the 50 and 100-day SMA on the same time frame as well. As for the RSI, it is maintaining its trend of lower highs on the daily time frame which means that bulls still have some momentum. The near term support is at 33,365, while the resistance is at 35,633.    

Stock Market Rally

The S&P 500 stock index closed lower on Friday; the index declined by 0.19%. The consumer discretionary sector led the index lower and 9 out of 11 sectors closed lower.  The Dow index declined on the final trading day of the last week; the Dow stocks moved the index lower by 0.03%. 12 shares declined, while 11 shares closed higher.  The NASDAQ composite, the tech-savvy index, closed lower by 0.51% on Friday.

APA Corp stock contributed the biggest gain, soaring 6.84%. Citrix systems stock was the largest drag; it fell by 5.65%. The S&P 500 stock index is up 14.74% so far this year.

Chevron Corp provided the biggest help for the Dow Jones; it advanced by 2.24%, while Merck & Co was the largest decliner, it fell by 1.59%. 

#source

Share: Tweet this or Share on Facebook


Related

XAU/USD retreats from multi-month top amid modest USD recovery, ahead of US GDP
XAU/USD retreats from multi-month top amid modest USD recovery, ahead of US GDP

Gold price pulls away from a fresh multi-month top amid a modest US Dollar strength. Bets for smaller rate hikes by Federal Reserve, recession fears should help limit losses...

26 Jan 2023

Microsoft: Still Trapped Within Descending Channel
Microsoft: Still Trapped Within Descending Channel

Microsoft Corp., an American multinational technology conglomerate currently ranked the third largest company by market capitalization ($1.728T) which actively engages...

24 Jan 2023

Same story new week
Same story new week

Chinese New Year celebrations – many centres are closed in Asia. Treasuries sagged to end on a bearish week. USDIndex at 101.30 low as the market continued...

23 Jan 2023

EUR is stuck consolidating
EUR is stuck consolidating

EURUSD is going to consolidate. The current quote is 1.0810. In the nearest future the EUR might experience some local pressure because the weather in Europe has changed...

20 Jan 2023

EURGBP Fails To Break 0.89
EURGBP Fails To Break 0.89

In today’s European session, Germany’s final CPI rate for December registered 8.6% on an annual basis, in line with market expectations and the previous value...

18 Jan 2023

XAUUSD: Weekly Review 16-20 January 2023
XAUUSD: Weekly Review 16-20 January 2023

Gold jumped to start 2023 with strong gains, as the positive momentum from December carried over into the new year. Last year’s headwinds, particularly the strengthening...

17 Jan 2023


Editors' Picks

FXCM information and reviews
FXCM
87%
ActivTrades information and reviews
ActivTrades
86%
RoboForex information and reviews
RoboForex
85%
MultiBank Group information and reviews
MultiBank Group
84%
Libertex information and reviews
Libertex
83%
Vantage information and reviews
Vantage
83%

© 2006-2023 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.