Daily Market Update for 2/14
Summary: It went up. It went down. In the end, there was no love or hate on Valentine's day as the Nasdaq closed where it opened. The indecision in the market comes among worries over Ukraine and how aggressively the Fed will deal with inflation.
Notes
Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog.
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Monday, February 14, 2022
Facts: -0.00%, Volume lower, Closing Range: 49%, Body: 9% Green
Good: Lower volume, Ok closing range
Bad: Lower high, lower low
Highs/Lows: Lower high, Lower low
Candle: Spinning top signals indecision, thin body between equal upper and lower wicks
Advance/Decline: 0.48, more than two declining stocks for every advancing stock
Indexes: SPX (-0.38%), DJI (-0.49%), RUT (-0.46%), VIX (+3.55%)
Sector List: Consumer Discretionary (XLY +0.57%) and Communications (XLC +0.01%) at the top. Financials (XLF -1.12%) and Energy (XLE -2.36%) at the bottom.
Expectation: Sideways or Lower
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Market Overview
It went up. It went down. In the end, there was no love or hate on Valentine's day as the Nasdaq closed where it opened. The indecision in the market comes among worries over Ukraine and how aggressively the Fed will deal with inflation.
The Nasdaq closed flat for the day. Volume was lower than the previous day. A rise in the morning created the upper wick while a sell-off in the early afternoon created the lower wick. The thin body of 9% left the index with only a -0.24 change, rounding to a 0% move. There were two stocks that declined for every advancing stock.
The S&P 500 (SPX) closed -0.38% lower. The Dow Jones Industrial Average (DJI) declined -by 0.49%. The Russell 2000 (RUT) fell -by 0.36%. The VIX Volatility Index rose +3.58%.
Of the eleven S&P 500 sectors, only Consumer Discretionary (XLY +0.57%) and Communications (XLC +0.01%) ended the day with gains. Technology (XLK -0.03%) had a small loss. Financials (XLF -1.12%) and Energy (XLE -2.36%) were at the bottom of the list.
Multiple Fed officials made appearances today. Bullard restated his view that interest rates should be at 1% by summer. Other Fed officials were more dovish, causing indecision among investors.
The US Dollar strengthened compared to other currencies. The dollar index (DXY) rose +0.27%. Treasury Yields rose across the board while the gap between long-term and short-term yields continues to tighten. Both High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices declined. Silver and Gold continued to climb as safe-haven assets. Crude Oil Futures hit another high.
The put/call ratio (PCCE) rose to 1.050, the second time it rose above 1.0 in a month. The CNN Fear & Greed Index is in the Fear range.
Four of the big six mega-caps ended the day with gains. Tesla (TSLA) had the biggest move, rising by +1.83%, likely helped by the overwhelming presence of other Electric Vehicles during the Superbowl commercials. Meta (FB) continued to slide, falling -0.84% today.
Tesla also topped the broader mega-cap list, followed by Nvidia (NVDA) which gained +1.33%. Abbott Laboratories (ABT) was at the bottom of the list, declining -by 2.16%.
Digital Turbine (APPS) topped the Daily Update Growth List, rising by +5.84%. Sea Limited (SE) declined -by 18.39% after India banned one of its popular apps. That sent the stock to the bottom of the growth list.
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Looking ahead
Producer Price Index data for January will be available in the morning before the market opens. The data is another indicator of inflation as price increases for producers will eventually make it to consumers. Also released in the morning will be the NY Empire State Manufacturing Index for February.
Airbnb (BNB), Zoetis (ZTTS), Fidelity (FIS), Marriott (MAR), Roblox (RBLX), Zoominfo (ZI), and SolarEdge (SEDG) are among the earnings reports for tomorrow.
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Trends, Support, and Resistance
The Nasdaq dipped below the 13,800 support area and then recovered to close just below 13,800.
If the index moves back to the trend line from the 1/24 low, it would mean a +3.89% gain.
The five-day trend line ends with a -0.07% decline.
If the one-day trend line continues, it leads to a -0.69% decline for tomorrow.
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Wrap-up
The market showed how undecided investors continue to be on what will happen in Ukraine and how the Fed will handle continued inflation. Not only did the index chop up and down, but the fact that the Nasdaq ended the day where it began is a signal of indecision. Another final signal is the low volume as investors didn't want to make large moves based on unknowns.
With the lower high and lower low, the expectation for tomorrow is Sideways or Lower.
Stay healthy and trade safe!
Notes
Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog.
-=x=-=x=-=x=-=x=-=x=-=x=-=x=-
Monday, February 14, 2022
Facts: -0.00%, Volume lower, Closing Range: 49%, Body: 9% Green
Good: Lower volume, Ok closing range
Bad: Lower high, lower low
Highs/Lows: Lower high, Lower low
Candle: Spinning top signals indecision, thin body between equal upper and lower wicks
Advance/Decline: 0.48, more than two declining stocks for every advancing stock
Indexes: SPX (-0.38%), DJI (-0.49%), RUT (-0.46%), VIX (+3.55%)
Sector List: Consumer Discretionary (XLY +0.57%) and Communications (XLC +0.01%) at the top. Financials (XLF -1.12%) and Energy (XLE -2.36%) at the bottom.
Expectation: Sideways or Lower
-=x=-=x=-=x=-=x=-=x=-=x=-=x=-
Market Overview
It went up. It went down. In the end, there was no love or hate on Valentine's day as the Nasdaq closed where it opened. The indecision in the market comes among worries over Ukraine and how aggressively the Fed will deal with inflation.
The Nasdaq closed flat for the day. Volume was lower than the previous day. A rise in the morning created the upper wick while a sell-off in the early afternoon created the lower wick. The thin body of 9% left the index with only a -0.24 change, rounding to a 0% move. There were two stocks that declined for every advancing stock.
The S&P 500 (SPX) closed -0.38% lower. The Dow Jones Industrial Average (DJI) declined -by 0.49%. The Russell 2000 (RUT) fell -by 0.36%. The VIX Volatility Index rose +3.58%.
Of the eleven S&P 500 sectors, only Consumer Discretionary (XLY +0.57%) and Communications (XLC +0.01%) ended the day with gains. Technology (XLK -0.03%) had a small loss. Financials (XLF -1.12%) and Energy (XLE -2.36%) were at the bottom of the list.
Multiple Fed officials made appearances today. Bullard restated his view that interest rates should be at 1% by summer. Other Fed officials were more dovish, causing indecision among investors.
The US Dollar strengthened compared to other currencies. The dollar index (DXY) rose +0.27%. Treasury Yields rose across the board while the gap between long-term and short-term yields continues to tighten. Both High Yield (HYG) and Investment Grade (LQD) Corporate Bond prices declined. Silver and Gold continued to climb as safe-haven assets. Crude Oil Futures hit another high.
The put/call ratio (PCCE) rose to 1.050, the second time it rose above 1.0 in a month. The CNN Fear & Greed Index is in the Fear range.
Four of the big six mega-caps ended the day with gains. Tesla (TSLA) had the biggest move, rising by +1.83%, likely helped by the overwhelming presence of other Electric Vehicles during the Superbowl commercials. Meta (FB) continued to slide, falling -0.84% today.
Tesla also topped the broader mega-cap list, followed by Nvidia (NVDA) which gained +1.33%. Abbott Laboratories (ABT) was at the bottom of the list, declining -by 2.16%.
Digital Turbine (APPS) topped the Daily Update Growth List, rising by +5.84%. Sea Limited (SE) declined -by 18.39% after India banned one of its popular apps. That sent the stock to the bottom of the growth list.
-=x=-=x=-=x=-=x=-=x=-=x=-=x=-
Looking ahead
Producer Price Index data for January will be available in the morning before the market opens. The data is another indicator of inflation as price increases for producers will eventually make it to consumers. Also released in the morning will be the NY Empire State Manufacturing Index for February.
Airbnb (BNB), Zoetis (ZTTS), Fidelity (FIS), Marriott (MAR), Roblox (RBLX), Zoominfo (ZI), and SolarEdge (SEDG) are among the earnings reports for tomorrow.
-=x=-=x=-=x=-=x=-=x=-=x=-=x=-
Trends, Support, and Resistance
The Nasdaq dipped below the 13,800 support area and then recovered to close just below 13,800.
If the index moves back to the trend line from the 1/24 low, it would mean a +3.89% gain.
The five-day trend line ends with a -0.07% decline.
If the one-day trend line continues, it leads to a -0.69% decline for tomorrow.
-=x=-=x=-=x=-=x=-=x=-=x=-=x=-
Wrap-up
The market showed how undecided investors continue to be on what will happen in Ukraine and how the Fed will handle continued inflation. Not only did the index chop up and down, but the fact that the Nasdaq ended the day where it began is a signal of indecision. Another final signal is the low volume as investors didn't want to make large moves based on unknowns.
With the lower high and lower low, the expectation for tomorrow is Sideways or Lower.
Stay healthy and trade safe!
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