Monday Morning Chartology

The Morning Call

3/18/19

The Market

         

    Technical

            On Friday, the S&P confirmed its challenge of 2800 (and started a challenge of 2811/2815).  If it remains above that level today, it will reestablish a very short term uptrend; and depending on whether you view 2800 or 2811/2815 as the quad top, it will turn its attention to the all time high.  

            The long bond had an up week though with plenty of volatility.  It finished at the upper zone of the recent trading range marked by a double bottom and a quad top.

           

            The dollar languished most of the week.  The good news is that it remained above the lower boundary of its very short term uptrend (and both MA’s and in a short term uptrend).  The bad news it couldn’t sustain itself above the upper boundary of the November to present trading range.

Like TLT, GLD had an up week but with a lot of volatility.  It ended above both MA’s and in a short term uptrend; so, its pin action is reasonably strong despite its voiding of a very short term uptrend.

The VIX got whacked on Friday, pushing through a double bottom support level and heading for the lower boundary of its short term trading range.  If it remains below that double bottom support level today, it will reestablish a very short term downtrend.

    Fundamental

       Headlines

      

            Rumors that the Trump/Xi summit maybe delayed till June.

            https://www.zerohedge.com/news/2019-03-17/meeting-between-trump-and-xi-said-be-delayed-till-june-scmp

    News on Stocks in Our Portfolios

 

Accenture (ACN +0.8%) acquires Storm Digital, a digital marketing agency, based in the Netherlands.

Deal terms were not disclosed.

The deal marks Accenture Interactive's second investment in order to strengthen its presence in the Netherlands

Economics

   This Week’s Data

      US

     International

            January Japanese industrial production fell 3.4% versus expectations of -3.7%; capacity utilization declined 4.7% versus estimates of down -.3%.

            The January EU trade balance was +E1.5 billion versus forecast of -E.8 billion.

    Other

            OPEC threatens to kill US shale industry.

            https://www.zerohedge.com/news/2019-03-15/opec-threatens-kill-us-shale

What I am reading today

            The art of repetition.

            https://awealthofcommonsense.com/2019/03/the-art-of-repetition/

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