Q3 GDP final estimate revised down from its preliminary estimates.
The Bureau of Economic Analysis released its Q3 third estimate for real GDP at 3.4% y/y, 10bps down from the previous
estimates, reflecting a downward revision in PCE and exports. Net trade continues to act as the biggest drag during
this quarter.
Author: Anuj Kumar Chouhan
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq cleared above resistance at January 18 highs. The next major level of resistance is the 200-DMA (S&P 500: 2,741 (+2.2%); Nasdaq: 7,452 (+3.6%)). Distribution remains at just one day on the S&P 500 and zero on the Nasdaq.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to constructively consolidate gains over the last month, holding above 50-DMA support with little to no distribution.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq gapped down at the open yesterday, but both closed at session highs and avoided distribution. The major averages are constructively consolidating sharp gains over the past month, holding their 50-DMA support in the process with little-to-no distribution.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq held support along their respective 50-DMA last week before pushing higher Friday. Both indices are now testing resistance at January 18 intraday highs (S&P 500: 2,675; Nasdaq: 7,185) before a potential move to the 200-DMA. Overall action remains constructive, with just one distribution day on the S&P 500 and zero on the Nasdaq.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to consolidate constructively above their respective 50-DMA. Distribution remains low, with just one day on the S&P 500 and zero on the Nasdaq.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back to their respective 50-DMA for a second straight session but were again able to hold support and avoid distribution. Look for the indices to continue avoiding distribution and preferably stay above 50-DMA support should we see further consolidation.
WON Europe Today
Most markets across Europe, including the Stoxx 600, France, and the U.K., had a distribution day. The pan-European Stoxx 600 slid 0.36%, with heavy volume. The U.K.’s FTSE 100 led the losses with a 0.99% drop, followed by France’s CAC 40 and Germany’s DAX, which fell 0.42% and 0.41%, respectively.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back to their respective 50-DMA (S&P 500: 2,623 (-0.4%); Nasdaq: 6,973 (-0.7%)) yesterday, but both were able to find support, close off lows, and avoid distribution. There remains just one distribution day on the S&P 500 and zero on the Nasdaq. Given the sharp rise off December lows, consolidation around current levels can be expected. Look for the indices to continue avoiding distribution and preferably staying above 50-DMA support.
WON Global View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq both regained their respective 50-DMA last week. We will be looking for this level to act as support should the market pull back. The next level of major resistance is the 200-DMA (S&P 500: 2,741 (+2.6%); Nasdaq: 7,451 (+4%)). Action remains constructive with just one distribution day on the S&P 500 and zero on the Nasdaq.
