SP500 (and other indexes) reached a pivot point and sharply retraced to fall below this mornings resistance level (now a support) at 2055. Crude oil is still falling and is testing the 40.60 support, while gold has fallen sharply to levels not seen since 2009.
Volatility is moderate, but investors need to watch for sharp reversals and oil falling below 40.60.
Here is the current market situation from CNN Money
North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 1.33% while Mexico's IPC is up 1.13% and U.S.'s S&P 500 is up 0.10%.
$NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages.
SAN FRANCISCO (Reuters) - Ride-hailing app Lyft, Uber Technologies Inc's [UBER.UL] biggest competition in the United States, expects to reach $1 billion in gross annual revenue, the company's co-founder told Reuters.
(Reuters) - Wal-Mart Stores Inc reported slightly stronger-than-expected quarterly earnings on Tuesday as it booked its fifth straight gain in U.S. same-store sales, sending its shares up more than 4 percent.
(Reuters) - Ford Motor Co is looking at ways to expand its sport utility vehicle portfolio as SUVs grow to 40 percent of the U.S. light vehicle market by 2020 from about a third today, global sales chief Stephen Odell told Reuters.
WASHINGTON (Reuters) - U.S. consumer prices increased in October after two straight months of declines as the cost of healthcare and other services rose, evidence of firming inflation that further supports views that the Federal Reserve will raise interest rates next month.
(Reuters) - Federal Reserve Chair Janet Yellen on Tuesday condemned a proposal in the U.S. Congress that would require the central bank to tie interest rate policy to a mathematical rule, arguing this would "severely damage the U.S. economy."
BOSTON (Reuters) - U.S. corporate executives and directors have pledged at least $15 billion of their own company stock holdings to secure personal loans, in spite of recent examples of these arrangements creating bigger losses for other investors during selloffs.
(Reuters) - TJX Cos Inc , the owner of off-price chains TJ Maxx and Marshalls, reported a bigger-than-expected rise in quarterly comparable store sales as more bargain-hungry shoppers visited its stores for apparel, accessories and home goods.
MOSCOW (Reuters) - Google will contest in court a ruling by Russia's antitrust agency that it broke competition law by abusing its dominant position with its Android mobile platform, the U.S. technology company said on Tuesday.
Oil market analysts keep a close watch on the weekly and monthly production figures from the U.S. EIA, watching for a sign that a contraction in output will help to balance global supply and demand.
There are a few reasons why so much attention is paid to the U.S., rather than other places around the world. First, the U.S. has consistent and reliable data, unlike a lot of other places, which makes analysis easier. Second, the U.S. is the principle culprit behind the collapse in oil prices, as its rapid run up in production pushed supplies well beyond demand. Third, U.S. shale, the source of the recent uptick in supply, rises and falls much more quickly than conventional oil fields, especially large-scale projects such as deep offshore.
Still, it is useful to pay attention to supply changes from outside the U.S. For example, in its November report, OPEC raises a few red flags on Brazil, where a deteriorating economy, a simmering corruption scandal, and a major pullback in the state-owned oil firm Petrobras, could all conspire to cut into Brazil's oil output.
Brazil's inflation has jumped to its highest level since 2003, running over 10 percent according to the latest figures. The central bank hiked interest rates to 14.25 percent, the highest in nine years to combat inflation, but so far it has been unsuccessful. Meanwhile, GDP is shrinking, with an expected contraction of 2.2 percent in 2015. And the unemployment rate has hit 7.6 percent, the highest since 2010.
Brazil is expected to increase oil production by 180,000 barrels per day in 2015, hitting 3.04 million barrels per day (mb/d).
The headlines say seasonally adjusted Industrial Production (IP) declined (the manufacturing portion of this index was up month-over-month). Consider this a soft data point that was slightly worse than expected. Our analysis is slightly better than the headline view, with mining / utilities responsible for the weak data..
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