Library Archive
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- Most areas of global markets were lower with action on 8/17. The S&P equal weighted index ([SPXEWI]) struggled as it fell nearly 1%. Fixed income representatives provided no cover as major reprsentatives ([TLT], [AGG]) slide as yields creep higher. Towards the upside, only a handful of names landed in positive territory- Crude Oil ([CL/]), Gold ([GC/]) and Emerging Markets ([EEM]) were the only options to land in the black for the day.
- Near-term participation dropped, seeing [^TWSPX] move back into a column of O’s. In plain terms, roughly 6 out of every 10 S&P 500 stocks trade above their 50-day moving average. While it is worth highlighting the reversal, things remain in normal territory and no action is worth taking for now.
- Gold and Crude Oil moved higher on their default charts. ([CL/]) has moved back up above a seemingly key $80 mark on its default chart, and gold has established some near-term support after breaking into a positive trend. Neither space has established relative leadership but the recent upticks are intriguing.
- US Treasury yields have crept higher. The 30 year yield ([TYX]) has continued to push higher to multi-decade level highs on fears of persistently higher energy prices. Recall the inverse relationship between current yields and outstanding fixed income.
- Notable movers this morning include [FN] (-10%+) on poor earnings. [HD] is positive following their report but remain long-term laggards. [ADBE] has an interesting technical picture for those willing to set an alert on a shakeout pattern.
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