- While U.S. consumer spending has almost stalled, a surge in business investment and wage growth suggested activity would regain momentum as the year progresses, limiting Wall Street losses. Moreover, strong earnings have kept the U.S. equity market at or near record levels.
- Asian markets were little fazed by China’s official manufacturing survey on Sunday which showed growth in the country’s factories slowed more than expected in April to a six-month low.
- In commodities, crude oil prices slipped amid lingering concerns that an OPEC-led production cut has failed to significantly tighten an oversupplied market
- Negotiators in the U.S. Congress reached a deal late on Sunday on around $1 trillion in federal funding that would avert a government shutdown later this week, while handing President Donald Trump a downpayment on his promised military build-up.
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 78.2220. This is not an overbought or oversold reading. The last signal was a sell 0 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 59.99. 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 sell 38 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 102.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 7 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 buy 4 period(s) ago.[/vc_column_text][/vc_column][vc_column][/vc_column][/vc_row][vc_row][vc_column][vc_column_text css_animation=”left-to-right”]SPDR S&P 500 ETF Trust (NYSEARCA:SPY) News and Outlook[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]SPDR S&P 500 closed down -0.520 at 238.080. Volume was 17% below average (neutral) and Bollinger Bands were 2% narrower than normal.
Open High Low Close Volume
238.900 238.930 237.930 238.080 63,532,844
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 236.26 236.12 223.93
Volatility: 10 9 10
Volume: 82,484,680 81,891,000 83,091,168
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.
SPDR S&P 500 is currently 6.3% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of SPY at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on SPY and have had this outlook for the last 2 periods.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_gallery interval=”3″ images=”39994″][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Candlesticks
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 25 white candles and 25 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.[/vc_column_text][vc_video link=”https://youtu.be/cxgu_9woDhg” align=”center”][/vc_column][/vc_row][vc_row][vc_column][/vc_column][/vc_row]