Below are highlights from the NDW Morning Update Video for the morning of 08/18
Below are highlights from the NDW Morning Update Video for the morning of 08/18. Access the the video on the NDW Morning Update Video page.
- 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 remains a long-term laggard. ADBE has an interesting technical picture for those willing to set an alert on a shakeout pattern.
