Market Direction: BEARISH alert
issued 10/3/2019
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
The S&P 500 has slowed to stall speed around the 3000 level, and it isn't expected to shift into a higher gear at today's open. Currently, the S&P 500 futures are flat and are trading in-line with fair value. The futures for the Nasdaq 100 and Dow Jones Industrial Average are also little changed.
There isn't much conviction in a broad sense, as market participants appear a little tired of chasing headlines on an assortment of macro matters pertaining to monetary policy, economic growth, and (geo)politics.
At the same time, the macro cloud is lurking as part of a stationary front that is keeping a lot of the sunshine out.
China reported 6.0% GDP growth for the third quarter, which is the weakest in 27+ years; there isn't a clear line on the outcome of a Brexit deal vote in Parliament this weekend; press reports suggest the Fed is considering more closely when it should pause its rate cuts; and, of course, the whole China trade deal thing remains an open question as there isn't any dry ink yet on a signed "phase one" trade agreement.
To this point, the stock market has had a good week. The Dow Jones Industrial Average is up 0.8%, the S&P 500 is up 0.9%, the Nasdaq Composite is up 1.2%, and the Russell 2000 is up 2.0%.
Those moves have been helped by some better-than-expected earnings news, particularly out of the financial, health care, and industrials sectors. There is a lot more earnings news to come next week, too.
There is no escaping it, just as there isn't any escaping the capricious macro headlines, which have piqued plenty of interest and at the same time have reduced investor conviction.
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The market direction weekly closing numbers for the indexes this week compared to the initial BEARISH recommendation closing numbers:
Stock Market Closing Numbers
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compared to Recommendation Numbers
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10/3/2019
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10/18/2019
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Difference
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26,201.00
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26,770.20
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569.20
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7,872.27
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8,089.54
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217.27
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2,910.63
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2,986.20
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75.57
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