Stock Market Today: February 25th - March 1st, 2019

here's another version of the stats above in the form of a chart

 

backing off that 2815 level to a tee thus far

 

that was a pretty epic day for the shanghai comp overnight ... one of the largest one day up moves in years

 

well this is going to be an interesting close ... that 2800 has been a pretty strong resist level since the correction started ... looks like we're losing that right now after we were trading well above it earlier in the day ... imo would be kind of an ugly looking close with a nasty looking topping tail on the daily chart if we're closing near the afternoon lod after such an extended run higher ... let's see if the bulls can bring it back with about 25min. left in the session

 

Good Tuesday morning to all.

Here is this morning's pre-market news thread for those of you wanting to get a quick read before today's open-
<-- click there to read!

Hope everyone has a great trading day ahead today.

 

Morning Lineup – Cautious Tone Ahead of Powell Testimony
Feb 26, 2019

What happened in December? Between the delayed December Retail Sales report released earlier this month and this morning’s report on Housing Starts, either the economy hit a cliff or whoever was responsible for tabulating the data while the Federal government was shutdown needs to brush up on their calculations. Today’s report on Housing Starts came in at SAAR of 1.078 million, which was 178K below the consensus forecast of 1.256 million. Looking through our Economic Indicator Database, there has not been that big of a miss in Housing Starts relative to expectations in 12 years! It wasn’t all bad news, though, Building Permits came in better than expected.

Yesterday, we noted the fact that the Shanghai Composite was bumping right up against a very long term downtrend after its 5%+ gain to kick off the week. Overnight, the index rallied higher in the morning but gave it all back throughout the trading day and closed with a decline of just over half of a percent. So, we’re going to have to wait at least another day (and likely more) before that downtrend gets taken out.

Another downtrend that’s provided pretty formidable resistance recently is the short-term downtrend in long-term US Treasury yields. At both the 10 and 30 year maturities, yields just can’t seem to increase the way so many have been calling for. In the case of the 10-year, yields bounced off the early January lows but quickly ran out of steam just shy of resistance at the 2.8% level, and since then have been trending lower right below the 50-DMA. For the 30-year it’s a similar story as the 50-DMA acts as a ceiling and the current yield of 3.02% is just 14 bps above the low print from early January.

 

10 handle spike job in the /es in about a min. there.

is powell is speaking right now or something?

i'm not following the action too closely this morning.

edit:

hmm, could also been this

U.S. consumer confidence jumps to 131.4 in February from 121.7

 

denied again (at least for another day )

seems like we're either going to need to consolidate here (correct through time) or pullback a little and then see if we can blast through it.

might need some catalyst to get us past with conviction though ... and i'm just not really sure what's left that would get it moving decisively higher from here.