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03Apr2017 Market Update: Wall Street Moves Lower, DOW And The SP 500 Inch Near Technical Bearish Point The 50 DMA, Crude Prices Slip Fractionally Lower

Written by Gary

US stock markets failed to gain traction after opening flat and trying to hold on to diminutive opening gains. U.S. stocks reversed course to trade lower (SPY -0.4%), as WTI crude prices slipped into the low 50 handle. The DOW and SP 500 are a rock throw from their 50 dayMA, a technically significant point.


Here is the current market situation from CNN Money

North and South American markets are mixed today. The IPC is up 0.40% while the Bovespa gains 0.17%. The S&P 500 is off 0.42%.

Traders Corner - Health of the Market

Index Description Current Value
Investors.com Members Sentiment: % Bullish (the balance is Bearish) 63%
CNN's Fear & Greed Index Above 50 = greed, below 50 = fear 43%
Investors Intelligence sets the breath Above 50 bullish 64%
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.

+36.02

StockChart.com NYSE % of stocks above 200 DMA Index ($OEXA200R) $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%. Following a major market correction, the conditions for safe re-entry are when:
a) Daily $OEXA200R rises above 65%
Secondary Bullish Indicators:
a) RSI is POSITIVE (above 50)
b) Slow STO is POSITIVE (black line above red line)
c) MACD is POSITIVE (black line above red line)
85
StockChart.com NYSE Bullish Percent Index ($BPNYA) Next stop down is ~57, then ~44, below that is where we will most likely see the markets crash. 66%
StockChart.com S&P 500 Bullish Percent Index ($BPSPX) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction. 73%
StockChart.com 10 Year Treasury Note Yield Index ($TNX) ten year note index value 23.46
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 87.44
StockChart.com NYSE Composite (Liquidity) Index ($NYA) Markets move inverse to institutional selling and this NYA Index is followed by Institutional Investors 11,427

Dow falls 100 points as financials drop more than 1%

Looking at the last three columns (below), the first one (Actual), is what was reported this morning. The second column (Forecast) is what analysts had forecast and the third column is the previous report. Full calendar HERE.

What Is Moving the Markets

Here are the headlines moving the markets.

Wall St. slips as U.S. states challenge Trump over energy efficiency

(Reuters) - U.S. stocks reversed course to trade lower on Monday after New York and other states challenged the Trump administration for illegally blocking energy efficiency standards, casting further doubt on the new government's ability to push through planned reforms.

Akzo Nobel CEO says PPG proposal is insufficient

AMSTERDAM (Reuters) - Akzo Nobel CEO Ton Buechner repeated on Monday his opposition to a March 20 takeover proposal from U.S. rival PPG Industries , saying he sees no merit in negotiating with PPG.

Architect of modern VW cuts ties with share sale

BERLIN (Reuters) - Former Volkswagen Chairman Ferdinand Piech has agreed to sell a major part of his stake in the firm that controls Europe's biggest carmaker, reducing his links with Volkswagen after more than two decades of undisputed rule.

U.S. manufacturing activity pulls back from 2-1/2-year high

WASHINGTON (Reuters) - An index of manufacturing activity retreated from a 2-1/2-year high in March amid modest declines in new orders and production, but a surge in manufacturing jobs indicated that the sector's energy-led recovery was gaining momentum.

AIG taps into consumer fears with new cybersecurity product

NEW YORK(Reuters) - American International Group Inc is joining insurers offering products that offer consumers safeguards against hackers and cyber criminals who might steal personal data.

FCC reverses Charter Communications 'overbuild' requirement

WASHINGTON (Reuters) - The U.S. Federal Communications Commission has voted to reverse a requirement imposed under the Obama administration that Charter Communications Inc extend broadband service to 1 million households already served by a competitor, the commission said on Monday.

Venezuela money supply up 200 percent in year, fastest rise on record

CARACAS (Reuters) - Crisis-stricken Venezuela's money supply has surged over 200 percent in a year, its fastest rise since records began in 1940, putting it on track for what is likely the world's highest inflation.

Imagination Technologies' shares plunge 70 percent after Apple ditches firm

LONDON (Reuters) - Imagination Technologies has been told by Apple , its biggest customer, that the maker of iPhones, iPads and Apple Watches is to stop using its graphics technology in its new products, sending shares in the company crashing by more than 70 percent on Monday.

Panera Bread exploring sale: Bloomberg

(Reuters) - Panera Bread Co is considering strategic options, including a sale, after receiving takeover interest, Bloomberg reported on Monday.

A Record 67% Of Low-Income Americans Are Worried "A Great Deal" About Hunger And Homelessness

Something unexpected happened on the road to Obama's economic "recovery" - according to Gallup, over the past two years, a record two-thirds, or an average of 67% of lower-income U.S. adults, up from 51% from 2010-2011, have worried "a great deal" about the problem of hunger and homelessness in the country. They are not alone: concern has also increased among middle- and upper-income Americans, but they still worry far less than do lower-income Americans.

Some details: since 2001, worry has been highest among those residing in lower-income households, likely because those with limited financial resources are more at risk of going hungry or becoming homeless. A consistent majority of lower-income adults worried about the problem before 2012, but that has only increased in the past five years. Concern among middle-income Americans in 2016-2017 falls just short of the majority level at 47%, while 37% of upper-income Americans are worried.

Rising concern among all income groups could be a result of the political and media attention devoted to U.S. income inequality in recent years. Americans may also worry more about hunger and homelessness when other issues are not dominating the national consciousness, such as the economy and budget deficit were in 2010-2011 and terrorism was in the years after 9/11.

Overall, 47% of Americans now worry about hunger and homelessness "a great deal," according to Gallup's March 1-5 survey, tied with 2016 as the high in the trend. Previously, concern had been as low as 35% in 2004 and as high as 45% in 2001, the first year Gallup asked the question.

Musk Taunts Shorts As Tesla Hits Record Highs

Amid the stock's best day in 6 months, pushing the taxpayer-subsized company to record highs, Tesla's CEO Elon Musk has three brief words for some speculators...

Stormy weather in Shortville ...

— Elon Musk (@elonmusk) April 3, 2017

It appears "Pride goes before destruction, and haughtiness before a fall," was not a consideration for Mr. Musk.

Confirmed: Susan Rice "Unmasked" Trump Team

Once again it appears that Trump was right: the conspiracy theory that a close Obama associate worked to "unmask" the Trump team, resulting in the ongoing media spectacle over "collusion" between Trump and the Kremlin, has been confirmed, first by Mike Cernovich, and now by Bloomberg itself.

As noted last night, Journalist and author Mike Cernovich dropped an exclusive bombshell - naming Obama's National Security Advisor Susan Rice as the official responsible for the 'unmasking' of the incoming Trump team during 'incidental' surveillance. This was apparently discovered after the White House Counsel's office reviewed Rice's document log requests:

The reports Rice requested to see are kept under tightly-controlled conditions. Each person must log her name before being granted access to them.

Upon learning of Rice's actions, [National Security Advisor] H. R. McMaster dispatched his close aide Derek Harvey to Capitol Hill to brief Chairman Nunes.

Cernovich pointed out, as revealed in an article by < ...

Don't Write Off Pharma's Nightmare Scenario

Drug-price rhetoric translating into law is nearly unthinkable for investors, but the risk still shouldn't be ignored.

Trouble Bubbling Under at Chinese Banks

Good results last year mask some worrying underlying trends for Chinese lenders.

Macau Gambles on the High Rollers

Things are looking up in the world's biggest gambling hub—but investors need to be cautious, given what is fueling the boom.

March 2017 ISM Manufacturing Survey Growth Marginally Slowed

Written by Steven Hansen

The ISM Manufacturing survey marginally slowed but remained in expansion. The key internals were mixed but in expansion. The Markit PMI manufacturing Index, also released today, is in positive territory and marginally declined.

February 2017 Construction Spending Growth Improved?

Written by Steven Hansen

The headlines say construction spending was up and was at expectations. I consider this a weaker report than last month.

Tesla surpasses Ford to become No. 2 U.S. car maker by market value

A record run for Tesla shares tips the electric-car maker to surpass Ford as the U.S. No. 2 car company.

The expensive risk lurking in nearly every medical experience you have

Most people don't even know this is possible — until they get a surprise bill.

Europe Markets: Germany's DAX ends lower, fades off record close

Stocks across Europe finish lower Monday, beginning a new quarter with a heavy week of data and updates including from the European Central Bank.

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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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