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30Mar2016 Market Update: SP500 Challenged Its 2070 Resistance And Failed, WTI Crude Also Fell From High 39's To Low 38's, US Dollar Hovering At Support

Written by Gary

US markets opened higher and the SP500 challenged its 2070 minor resistance before backing off below R1 (2065). Attacking a more robust resistance at 2080 remains doubtful as short-term indicators are showing a correction is eminent, just how much remains an uncertainty. A return to the 2055 support seems a likely 'pausing' point before moving on.


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 1.63% while Mexico's IPC is up 0.60% and U.S.'s S&P 500 is up 0.31%.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 79%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 70%
Investors Intelligence sets the breath Above 50 bullish 55.8%
StockChart.com Overbought / Oversold Index ($NYMO) anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. 23.28
StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) $NYA200R chart below is the percentage of stocks above the 200 DMA and is always a good statistic to follow. It can depict a trend of declining equities which is always troubling, especially when it drops below 60% - 55%. Dropping below 40%-35% signals serious continuing weakness and falling averages. 51.44%
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 64.79%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 79.20%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value 18.23
StockChart.com Consumer Discretionary ETF (XLY) As long as the consumer discretionary holds above [66.88], all things being equal, it is a good sign for stocks and the U.S. economy 78.97
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 10,236

What Is Moving the Markets

Here are the headlines moving the markets.

Wall St. pares some gains as oil retreats

(Reuters) - U.S. stocks rose on Wednesday, a day after Federal Reserve Chair Janet Yellen's comments eased some concerns about the path of interest rate hikes, but gains were limited by a dip in crude oil prices.

Central banks 'running out of time' to reflate economies: Bill Gross

NEW YORK (Reuters) - Bond manager Bill Gross, who runs the Janus Global Unconstrained Bond Fund, said central banks are "running out of time" to reflate global economies as their aggressive policies including quantitative easing and low, even negative, interest rates are losing their effectiveness.

Thousands of jobs at risk as India's Tata Steel seeks British exit

PORT TALBOT, Wales/LONDON (Reuters) - Britain battled to save its steel industry on Wednesday after India's Tata Steel put its British operations up for sale, leaving thousands of jobs at risk as a result of cheap Chinese imports.

Valeant seeks lender approval to extend deadline for annual report

(Reuters) - Valeant Pharmaceuticals International Inc said it was asking its lenders to extend until May 31 the deadline for it to file its annual report, lessening the chance of a default on its $30 billion debt if it misses the current deadline of April 29.

U.S. district judge strikes down designation of MetLife as 'too big to fail'

WASHINGTON (Reuters) - U.S. District Judge Rosemary Collyer on Wednesday struck down the designation made by the heads of the country's financial regulatory agencies that major insurer MetLife Inc is systemically important to the U.S. financial system.

U.S. jury finds General Motors ignition switch was defective

NEW YORK (Reuters) - General Motors sold vehicles with a defective ignition switch, but the part was not to blame for a 2014 car accident, a U.S. jury found on Wednesday in the first verdict since the company was forced to recall millions of vehicles.

Fidelity boosted Snapchat stake in February

BOSTON (Reuters) - Fidelity Investments disclosed on Wednesday it boosted its stake in free mobile messaging app Snapchat in February, despite recent concerns the company is struggling to gain traction with advertisers.

SandRidge eyes bankruptcy, restructuring in U.S. shale bust

(Reuters) - SandRidge Energy Inc confirmed on Wednesday it has hired advisers to evaluate options including a bankruptcy filing, in what could be the most high-profile reorganization yet in U.S. shale oil industry.

Twenty-First Century interested in Paramount deal: source

(Reuters) - Twenty-First Century Fox Inc is interested in acquiring a minority stake in Viacom Inc's Paramount Pictures, a source close to the situation said on Wednesday.

U.S. Home Prices Are 14% Overvalued According To Bank of America

There has been an odd shift when it comes to US sentiment toward home ownership: while in the past, the higher home prices rose the greater the demand was for housing (leading ultimately to the housing debt bubble of 2006), this time around we are getting increasingly more frequent indications of just the opposite.

Some have started to notice: as we noted one week ago, in its traditionally cheerful assessment of the US housing market, the NAR's Larry Yun snuck in an unexpected warning:

"Home prices ascending near or above double-digit appreciation aren't healthy " especially considering the fact that household income and wages are barely rising."

He did it again just a few days later:

"The overall demand for buying is still solid entering the busy spring season, but home prices and rents outpacing wages and anxiety about the health of the economy are holding back a segment of would-be buyers."

This is about as close to a warning that the US housing market is back into bubble territory as one can hope to get from the NAR. To be sure, we noted this surprising development one week ago in "For The Average American, Owning A Home Is Increasingly Unaffordable."

Recently MarketWatch came to the same conclusion noting that "there' ...

IBM Laying Off 1000 Workers In Germany

In recent weeks, the stock of IBM has staged a dramatic rebound surging from a February 11 low of $118 to $150 today, on what we previously assumed had to be another long-overdue bout of stock buybacks. However, for that to make sense, the company - already at risk of being downgraded if it did not take further cost-cutting measures to offset the additional debt interest expense - would need to engage in another round of mass layoffs.

This is precisely what happened moments ago when Germany press reported that Big Blue is cutting some 1000 jobs in Germany.

More details, Google translated from Morgenpost.

The IT group IBM apparently is planning massive job cuts in Germany. According to the trade union Verdi, the Group has informed on Wednesday about the planned reduction of nearly 1,000 jobs by March 2017th This was announced by Verdi in a newsletter. Primarily affects service segments. The group had invited the workers' representatives to negotiations for a social plan and balance of interests. In Hannover, a region should be shut down with about 200 employees, said a Verdi representatives. The Hanover stay but generally preserved.

"IBM has informed the participation and invited to negotiations," confirmed an IBM spokesman. A hiring freeze, it will not give: IBM will continue to hire employees with key skills. For years, the IT group struggling with a decline in sales. IBM is in a time-tag, to be replaced by new one when the old segments such as the sale of servers or infrastructure.

Nationwide 16,500 employees

Trade unionists feared already last year the job losses in the IT group in Germany. At that time there was talk of 2,500 jobs over the next tw ...

Shale Is the Odd Man Out in Oil Reckoning

After delaying the inevitable, rapid decline rates are poised to catch up with shale crude producers, giving them a big role in balancing the global crude market.

How European Stocks Got Left Behind in the Market Rebound

European stock markets are lacking a spark to get investors truly enthused again about their prospects.

Why the World's Top Pork Stock Is Getting Tastier

WH Group's profits will increase as its U.S. and Chinese arms keep integrating.

The Tell: These charts show investors fear Fed complacent about inflation

Rising yields on inflation-protected Treasurys and a continued rally by gold show investors worry the Federal Reserve

The New York Post: Are millennials early adopters of a marriage-free future?

A recent study found that 43% of millennials supported a form of marriage that allowed couples to easily split up after two years, while a full third were open to œmarriage licenses valid " like mortgages " for set periods of time.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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