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Sizing Up the S&P 500
- S&P 500 forms hammer at lowest level since June 1
- Potential support at early-June range, bottom of falling channel.
- Prices remain below August low of 4335
- February high of 4195 may be in play
- Wilder’s RSI nears oversold for first time in a year
- Intermarket:
- U.S. dollar index hits highest level since December
- 10-year Treasury between highs of June 2008 and June 2007
- High-yield spreads back above 400 basis points
Sector Watch
- Energy still leading as gains widen:
- Coal miners: CNX, AMR, BTU
- Servicers: RIG, NE, PTEN, RES
- Tankers: FRO, DHT, TNK
- Clean energy struggling with higher rates:
- Solar energy
- Utilities
- REITs approach October lows
- Industrials surrender leadership as high rates punish airlines
- Signal of economic slowdown?
Signals Scan
- Nvidia (NVDA) holds the 100-day MA
- Advanced Micro Devices (AMD) holds the 200-day MA
- Arista Networks (ANET) holds 50-day MA
- Walmart (AMT) holds 50-day MA
- TJX (TJX) retraces earnings rally
- Peabody Energy (BTU) breaks 200-day MA
- Cheniere Energy (LNG) potential bullish flag
- Financials at / below support: ALLY, DFS, COF
Key News
- Hawkish Fedspeak: Kashkari, Goolsbee
- Jamie Dimon floats 7% Fed Funds
- September consumer confidence misses estimates on inflation, political worries
- August new home sales miss estimates
- Crude oil inventories tighter than expected
- Yield curve least inverted since May as long rates rise
Upcoming Events
- Thursday (9/28): Powell speech at 4pm
- Earnings tonight: NKE
- Friday (9/29): PCE inflation
- Monday (10/2): ISM manufacturing
Using the Platform
Discovering energy stocks with RadarScreen and Scanner
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