Market Direction Week of November 19, 2018©

Market Direction:BULLISH alert issued 11/8/2018 

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Last Week Review: Risk-off sentiment returned, with equity markets finishing lower for the week. Apple, which accounts for 12% of the Nasdaq Composite and 5% of the Dow Jones Industrial Average, had its worst week in seven months, down 5%, and it was 16% off its recent high. Concerns about disappointing iPhone sales and slower growth led shares to their seventh straight weekly loss, the longest stretch since 2012. Volatility in crude oil continued, and while higher gasoline prices boosted inflation in October, the recent slump in prices will have the opposite effect. Overall, consumer prices rose as much as expected last month, easing fears of overheating inflation and faster interest rate hikes. On the international front, a draft deal for the withdrawal of Britain from the European Union was reached, but that plan needs to survive vetting in Parliament, and cabinet defections are pointing to continued uncertainty. We recommend investors focus on their long-term financial goals, and, if appropriate, consider the opportunities created by short-term pullbacks.

The recent ups and downs in the market have come as leadership has shifted. Through September, the Communication Services and Healthcare sectors were leading the market higher, with gains of 4.3% and 2.9%, respectively1. Since the beginning of October, it’s been the Consumer Staples and Utilities sectors that have performed the best. Similarly, in 2017 it was international and small-cap stocks that led, while U.S. large-caps have been the leader this year.

How the market finished last week, the S&P 500 down 1.6%, the Nasdaq down 2.1%, and the Dow down 2.2%.

This Week: We are over three quarters of the way through Q3 earnings season and there doesn’t appear to be a lot of catalysts over the next couple of weeks (G20 and December FOMC meeting are the next significant ones), and historically November and December are bullish months for the markets, so I think the path of least resistance can be higher in the near-term. The current stock market alert is bullish, but under pressure.

Thanksgiving week in the US sees things calm down across markets, with some events moved earlier in the week as well.

Flash purchasing managers indexes (PMIs) from the eurozone and the US, plus US durable goods, are the key events for the week, while notable earnings for the week include easyJet, Sage, United Utilities and Severn Trent.

Economic Calendar: NAHB Housing Market Index (11/19), MBA Mortgage Applications Index (11/21), Durable Goods (11/21)

Some of the major earnings announcements on deck: ADI, CPRT, LOW, TGT, DE. 

$tockMarketDirection proprietary model is currently BULLISH. We strongly encourage you to monitor positions closely, exercise proper money management strategies and follow us at $tockMarketDirection for ALERTS we may issue advising a change in the current market direction. Stay tuned and follow us. If you have a testimonial or comment of how this website has helped you we would like to know, email us. Share with a friend. Cha-ching.

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