Downloads are available here. TradeStation’s ideas on TradingView are available here.
Sizing Up the S&P 500
- S&P 500 crosses 5,600 for first time
- Index up 6 straight sessions, longest since 11/6
- Patterns similar to pre-April:
- Relative Strength Index (RSI) staying overbought
- 9-day Rate of Change staying positive
- Tight consolidations resolving higher without significant pullbacks
- Breadth improves as 52-week highs increase and stocks above 20-day MAs exceed stocks above 50-day MAs.
- Intermarket:
- 10-year Treasury yield low sat near 4.32% before today’s CPI
News & Views
- “Powell put”? Fed boss cites risks of high rates
- Reuters: Fed may cut GSIB surcharge on major banks
- Commodities like corn, soybeans, lumber under pressure
- BP, PBF highlight weakening refiner margins
- Goldman Sachs: Hedge funds buying commodity stocks
- Oppenheimer raises S&P 500 target to 5,900
Upcoming Events
- Fri 7/12: PPI
- Earnings: JPM C WFC
- Mon 7/15: China “Third Plenum” (through Thu)
- Earnings: GS
- Tue 7/16: Retail sales
- BAC MS
- Wed 7/17: Housing starts, building permits
- Earnings: JNJ, UAL, USB
- Thu 7/18: Jobless claims
Using the Platform
Brkout of X Bar High can detect potential range breakouts. It can send alerts and mark breakouts on charts. Default length of 14 bars can be adjusted under Inputs tab in Customize dialog.
- On RadarScreen™: Studies → Add Study… Then change “Select Study Type” to “ShowMe”
- On Chart Analysis: Studies → Add Study… Then select “ShowMe” tab on left
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