Market Direction: BULLISH alert
issued 10/24/2019
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
There has been a strange feel to this trading week. The market has gone places. The Dow Jones Industrial Average is up 0.1%, the S&P 500 is up 0.8%, the Russell 2000 is up 1.0%, and the Nasdaq Composite is up 1.2%. Yet, somehow it feels like the market hasn't really gone anywhere.
That feeling stems in part from the understanding that the S&P 500 has been toying with the idea of a breakout to a new all-time high, yet continues to be ensconced in a zone that is like limbo: north of 3000, but south of 3028.
This week, it has used a good bit of better than expected, and better than feared, earnings news to take two steps forward. At the same time, though, it has taken one-and-a-half steps back on some disappointing earnings news and has been stalled somewhat by the important loose ends involving Brexit and U.S.-China trade relations.
Today feels no different in that respect.
Intel (INTC) provided a "two steps forward" report, exceeding consensus third quarter estimates and guiding fourth quarter expectations above consensus. INTC is indicated 3.2% higher in pre-market action.
Amazon.com (AMZN), however, provided a "one-and-a-half steps back" report, missing on analysts' high expectations for the third quarter and issuing fourth quarter revenue and operating income guidance below consensus estimates. AMZN is indicated 6.3% lower.
Then, there are other stocks, like Mohawk Industries (MHK),Verizon (VZ), Visa (V), and V.F. Corp (VFC), doing the shuffle after their earnings reports. MHK is up 3.7%; VZ is up 0.7%; V is down 0.1%; and VFC is down 5.3%.
The complexion of this trading week is that it has been mostly a "story stock" week. The macro factors have been hanging out there for all to see, yet the market has acted as if it is tired of looking at, thinking about, and reacting to them.
We can't blame the market for that, as the macro fixation has been exhausting. We're talking about U.S.-China trade dealings, the wrangling over Brexit, central bank deliberations, politics, and soft economic data.
They'll be back in the front of the market's mind soon enough -- probably as soon as next week, which is when the ballyhooed APEC Summit in Chile will be one week closer to happening, Parliament will vote on whether to hold a general election before the end of the year, the Fed and Bank of Japan will be holding policy meetings, and the October employment report and ISM Manufacturing Index wait next Friday.
This Friday, however, feels like Monday through Thursday, which is to say it feels like the market is anxious to see a breakout to a new high but isn't in a hurry to get there.
Currently, the S&P futures are down two points and are trading 0.2% below fair value. The Nasdaq 100 futures are down one point and are trading 0.6% below fair value. The Dow Jones Industrial Average futures are down 47 points and are trading 0.1% below fair value.
$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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10/24/2019
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10/25/2019
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Difference
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26,805.50
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26,958.06
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152.53
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8,185.80
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8,243.12
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57.32
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3,010.29
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3,022.55
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12.26
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