Archive for September 23rd, 2010

Stocks Experience Bearish Intraday Reversal

| September 23, 2010

Earlier this week, we noted the reemergence of a negative divergence between treasuries and stocks that suggested the stock market might experience a “sell the news” correction following the Federal Reserve announcement regarding another potential quantitative easing program. Since the announcement, stocks have moved lower and are now testing the new area of congestion support […]

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Existing Home Sales Bounce off of 15-year Low

| September 23, 2010

The National Association of Realtors reported that existing home sales increased 7.6% to an annual rate of 4.13 million units in August from 3.84 million units in July. The headline number may sound like a positive development, and some in the financial media attempted to spin it as such, but, as always, each data point […]

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Weekly Unemployment Claims Remain at Elevated Levels

| September 23, 2010

The Department of Labor reported that initial unemployment claims increased to 465,000 last week from 453,000 the week before. As shown on the following graph from Calculated Risk, the 4-week moving average continues to hold in a narrow range near the 460,000 level. The recent move up toward 500,000 did not result in a breakout […]

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Short-term Forecast for September 23, 2010

| September 23, 2010

Stock Daily Chart Analyses The following daily chart analyses provide short-term forecasts for the stock markets that we monitor. For intermediate-term outlooks see the latest weekly review, and for long-term outlooks see the big picture update. The S&P 500 Index The index closed moderately lower again today, retreating further from recent highs of the uptrend […]

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