Market Direction: BULLISH alert
issued 6/20/2019
What is the current stock market direction?
Vote BULLISH (Up) or BEARISH (Down) in the upper right side bar, the current stock market direction weekly closing numbers. Leave a comment. Now for the news…
The economy
Wall Street ended Friday with more losses, as investors remained fixated on possible China tariffs and brushed aside an in-line employment report. The S&P 500 (-0.7%) and Dow Jones Industrial Average (-0.4%) finished well off session lows, while the Nasdaq Composite (-1.3%) and Russell 2000 (-1.1%) fell over 1.0%.
China promised retaliatory measures against the U.S. if President Trump follows through on his tariff threat. This didn't catch too many market participants by surprise, but the lack of positive news on Friday contributed to the follow-through selling.
Most of Friday's decline, however, took place in the first 90 minutes of action. Each of the major averages fell below their 50-day moving averages, which appeared to welcome a buy-the-dip mentality that abated the early selling pressure. The Russell 2000 was the only major U.S. index that closed below the key technical level.
The S&P 500 information technology (-1.7%) and energy (-1.3%) sectors led today's decline, with the latter unable to benefit from the rebound in oil ($55.74/bbl, +$1.75, +3.2%). The defensive-oriented real estate (+0.8%), consumer staples (+0.1%), and utilities (+0.1%) sectors were the lone sectors that finished higher.
July's Employment Situation Report didn't produce much interest. The data came mostly in-line with expectations, and some speculated whether the trade uncertainty would slow down the pace of U.S. hiring activity or wage growth. Nonfarm payrolls increased 164,000 (Briefing.com consensus 160,000), which coincided with decent wage growth and an unemployment rate that stayed near a 50-year low.
In earnings news, Dow components Chevron (CVX 120.73, -0.01, unch) and Exxon Mobil (XOM 71.75, -0.71, -1.0%) provided mixed results. Square (SQ 69.60, -11.38, -14.1%) and NetApp (NTAP 46.04, -11.67, -20.2%) issued disappointing guidance. Newell Brands (NWL 15.34, +1.91, +14.2%) and Pinterest (PINS 33.57, +5.27, +18.6%) provided upbeats results and guidance.
U.S. Treasuries continued to see increased demand, which pushed yields lower in a curve-flattening trade. The 2-yr yield declined one basis point to 1.71%, and the 10-yr yield declined four basis points to 1.86%. The U.S. Dollar Index declined 0.3% to 98.11.
$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, write us. Share with a friend.
The market direction weekly closing numbers for the indexes this week compared to the initial BULLISH recommendation closing numbers:
Stock Market Closing Numbers
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compared to Recommendation Numbers
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6/20/2019
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8/2/2019
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Difference
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26,753.20
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26,485.01
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268.19
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8,051.34
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8,004.07
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47.27
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2,954.18
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2,932.05
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22.13
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