Not a lot of news dropped last week, but what we did get was important… particularly for the real estate sector. Sales of existing homes fell to a multi-year low pace of 3.84 million, and sales of new-homes ticked up to a pace of 738,000. While that’s an improvement, it’s an improvement from a relatively weak number. It’s also an improvement largely because so few existing homes are selling. New, Existing Home Sales ChartsSource: U.S. Census Bureau, National Assn. of Realtors, TradeStation We’re also got the University of Michigan’s third and final sentiment reading for October on Friday. At 70.5 it was only a little better than September’s score, but there is clear overall improvement here. The problem is, the Conference Board’s consumer confidence trend looks like it’s trying to worsen rather than improve. Consumer Sentiment ChartsSource: University of Michigan, Conference Board, TradeStation The Conference Board’s consumer confidence report for… more
Stocks didn’t exactly end the week on a high note. But, the gains logged on Monday were enough to set up what was a sixth consecutive winning week. The S&P 500 even notched a new record high, with more room to keep running. As unlikely as it should be from here, the current trend is bullish. Let’s assume it will... more
The bulls made last week the fifth consecutive winner, picking up steam from the prior week’s anemic advance. As was noted in last week’s market outlook, although stocks are overdue for a correction, the path of least technical resistance remains upward. The optimistic spin on last week’s inflation data helped. Ride this bullish train until it’s clear you can’t anymore.... more
The market was all over the map last week, but when all was said and done, Friday’s encouraging jobs report led stocks to their fourth consecutive weekly win. The wins are getting weaker though. Perhaps traders recognize stocks are still a little too overbought thanks to a rally that’s really been underway since early 2022; there just haven’t been enough... more
Similar to the previous week’s gains, last week’s advance wasn’t exactly a convincing show of bullishness. The S&P 500 only closed about 0.6% higher for the five-day stretch when all was said and done, struggling to hold onto Thursday’s intraday gain. Progress is still progress though, and beats the alternative no matter how modest it might be. It was enough... more
The week didn’t start out on a particularly high note, with most traders waiting to see what the Federal Reserve had to say about interest rates on Wednesday. They appear to have liked what they heard. The bullishness that finally unfurled was enough to push stocks above important technical resistance levels. It just got much easier to continue moving higher…... more
In a complete reversal of the prior week’s trend and tone, stocks bounced back in earnest last week. Indeed, logging gains each and every day last week, the S&P 500 ended Friday up 4.1% from the previous Friday’s close. That carried the index back above most — although not all — of its current technical ceilings. The remaining resistance levels,... more
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