US Stocks, Relief Rally Follows Panic Attack
The S&P 500 is now up 8.2% since the 11 February Y 2016 lows. Technically it looks like another relief rally following a panic-attack correction, which I have been tracking since the start of the current bull market on 9 March 2009
The S&P 500 is now above its 50-Day MA and closing in on its 200-D MA at 2027 closing Wednesday at 1986.34, there is strong resistance at 2002.80.
The Bull/Bear Ratio gave a contrarian buy signal, having been below 1.00 for the past 7 weeks.
This latest relief rally got a big Tuesday on news that US manufacturing may have hit bottom according to February’s ISM survey.
And, US consumers continued to do what they do best borrow and spend, as car sales were very strong last month.
Monday, the PBOC lowered bank reserve requirements, and pledged not to devalue the RMB Yuan.
On Monday in China, Fed’s NY President Bill Dudley strongly suggested that the FOMC will not be hiking the federal funds rate again at the March meeting. But, the numbers we are seeing decry his jawboning.
Wednesday, US major stock market indexes finished at: DJIA+34.24 at 16798.57, NAS Comp +13.83 at 4703.37, S&P 500+8.10 at 1986.34
Volume: Trade was heavy again with over 1.1-B/shares exchanging hands on the NYSE.
- Russell 2000 -6.3% YTD
- NAS Comp -6.1% YTD
- DJIA -3.0% YTD
- S&P 500 -2.8% YTD
|WBR Analysis for DIA:||Overall||Short||Intermediate||Long|
|Neutral (0.12)||Neutral (0.23)||Neutral (0.16)||Neutral (-0.01)|
|WBR Analysis for SPY:||Overall||Short||Intermediate||Long|
|Neutral (0.14)||Neutral (0.21)||Bullish (0.27)||Neutral (-0.06)|
|WBR Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Neutral (0.04)||Neutral (0.18)||Neutral (0.08)||Neutral (-0.14)|
|WBR Analysis for VXX:||Overall||Short||Intermediate||Long|
|Neutral (-0.03)||Bearish (-0.29)||Neutral (0.01)||Neutral (0.19)|