Negotiations to resolve a three-week-old strike at General Motors for better pay, benefits and job security have taken “a turn for the worse,” a top negotiator with the United Autoworkers Union said Sunday.
“After making some progress on important issues a couple days ago, the company has shown an unwillingness to fairly compensate the great workforce of the UAW,” union vice president Terry Dittes said in a statement.
“These negotiations have taken a turn for the worse,” he said.
Nearly 50,000 GM workers walked off the job in mid-September, launching the biggest labor dispute to hit the automaker in more than a decade.
On Friday, the company let it be known that it would extend health insurance coverage for its workers for the duration of the strike.
That was seen as a sign that the sides might reach an agreement as early as the weekend, despite obstacles over pay and job security for new hires.
But Dittes said management had rebuffed a detailed package of proposals that the union submitted on Saturday.
He said the company’s response offered little change from management proposals that the union had previously rejected.
The strike has shut down GM production in the United States, impacting its operations in Canada and Mexico where thousands of workers have been temporarily laid off.
GM produces the Chevrolet, Buick, Cadillac and GMC brands.
Besides better pay and benefits, the union wants GM to reactivate four factories shut down in November 2018.
For its part, GM says it has proposed more than $7 billion in new investments in US facilities, 5,400 new jobs and higher salaries.
Experts say the strike could cost the company as much as $100 million a day.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 37.77.
The projected upper bound is: 36.69.
The projected lower bound is: 32.90.
The projected closing price is: 34.79.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 17.2770. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 13 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 32.80. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 34 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -145.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 6 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 12 period(s) ago.
Rex Takasugi – TD Profile
GENERAL MOTORS closed down -0.070 at 34.910. Volume was 3% above average (neutral) and Bollinger Bands were 34% wider than normal.
Open High Low Close Volume___
35.000 35.190 34.590 34.910 2,011,506
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 36.43 37.95 37.75
Volatility: 34 32 31
Volume: 1,976,378 1,932,843 2,353,995
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
GENERAL MOTORS is currently 7.5% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of GM.N (mildly bearish). Our trend forecasting oscillators are currently bearish on GM.N and have had this outlook for the last 2 periods.