- 6 Major Indices
- 9 Major Sectors
- Bank Stocks
- AAPL and AAPL:NDX Ratio
- 30-Year Bonds
- U.S. $
6 Major Indices
9 Major Sectors
AAPL and AAPL:NDX Ratio
As shown on the 5-Year Weekly chart below of the U.S. $, price continued to rally this past week to close above the 82.00 major resistance level. A hold above this level could see price climb further to 82.76 and 83.45.
In summary, last week saw an increase in range-bound intraday volatility, as markets reacted to the results of Italy's elections, Ben Bernanke's 2-day testimony as he re-iterated Fed monetary support for some time to come (as was voted on in the last FOMC meeting on January 29/30th), and President Obama signing the "sequestration" order that starts putting into effect the $85 billion in automatic spending cuts.
Coming up this week are the RBA Rate Announcement on March 4, the Beige Book report on March 6, the BOC Rate Announcement on March 6, the BOJ Rate Announcement and Press Conference on March 6 and 7, the Trade Balance report in China on March 7 (a substantial drop well below zero is being forecast), the BOE Rate Announcement on March 7, the ECB Rate Announcement and Press Conference on March 7, and the Unemployment Rates in Canada and the U.S. on March 8. (Here is the link to an Economic Calendar for this week.) No doubt, these will add further intraday volatility to market action, in general.
We may not see a firm resolution of the range-bound trading until after Friday, although I wouldn't be surprised to see the Dow 30 make a run for its all-time high of 14198.10, before it settles to either continue upward to facilitate the S&P 500 matching its all-time high of 1576.09, or falling back to begin a pullback or correction. As I mentioned above, we'll need to see money flowing into Technology and Small-Caps to support such a bullish attempt...that's why I'll also be watching AAPL and AAPL:NDX, as well as the Financials, together with other indicators that I mentioned in my last weekly market update.
A further rally at this time is no small task, as markets are, essentially, defensive, range-bound, and overbought...we'll need to see a sustained increase in volumes to support, convincingly, such a rally for any meaningful period of time.
Have a great weekend and good luck next week!