Author: The INO.com Team

U.S. consumer sentiment fell unexpectedly dipping in the early part of July amid a continuing rise in new coronavirus cases. The University of Michigan's consumer sentiment index came in at 73.2 for July, a decline from 78.1 in June, snapping a two-month uptrend. Economists who had been polled by the Dow Jones were expecting a small rise to 79.

Falling consumer sentiment shouldn't be a shock with coronavirus cases spiking in several states across the country, including massive spikes in the stares of Florida, Texas, Arizona, and California. The stock market seems to agree with today's muted moves to end the week. As we head into the Friday close, the major indexes are mixed on the day matching their theme for the week.

The DOW will end the week with a positive gain of roughly +2%, which is a bit higher than the S&P 500's gain of +1%. However, the NASDAQ will post a weekly loss of approximately -1% as the tech sector was hit hard to end the week, most notably with Netflix losing over -6% on the day and -10 for the week. Continue reading "Consumer Sentiment Falls Unexpectedly In July" →

The S&P 500 just sent what most traders view as a bullish signal, what is it you ask? A golden cross, which is often seen as a bullish indicator signaling that a significant move higher could follow.

So, precisely what is the golden cross. A golden cross is when the 50-day Simple Moving Average (SMA) crosses above the longer-term 200-day SMA.

When a short-term simple moving average crosses over a long-term one, it's often a signal that bullish momentum is ramping for the stock. Because long-term simple moving averages take a lot more time to influence, traders can use this to calculate a stock's relative strength. The higher the time period used, the stronger and longer-lasting the breakout tends to be.

All three major indexes will end the week in positive territory with the Continue reading "S&P 500 Sends Bullish Signal" →

As we head into the close for the week, stocks are at or near session lows in a market selloff ending what was a volatile week. The reason for the selloff, spiking cases for Coronanvirus in several states.

The U.S. hit a new record for daily coronavirus cases. That has caused the governors of Texas and Florida to pause their reopening plans, with both states effectively closing bars to limit the spread of coronavirus. Coronavirus cases are trending upward in about half of U.S. states, and several have reported record-breaking daily new case counts this week, according to Johns Hopkins University. The U.S. reported 39,972 daily cases of the coronavirus on Thursday, a new daily record, according to Johns Hopkins.

Both the S&P 500 and DOW have now gone negative for the month, but the NASDAQ continues to trade in positive territory on a monthly level. However, on a weekly level, all three indexes will post weekly losses with the S&P 500 losing over -2%, the DOW will drop over -2.9% closing in on -3%, and the NASDAQ is looking at a weekly loss over -1%. Continue reading "Market Selloff To End Volatile Week" →

The stock market started the day with significant gains but quickly retreated as cases of coronavirus continue to spike in the states of Florida, Arizona, and California. On top of that, the WHO (World Health Organization) reported this afternoon that the pandemic has entered what WHO Director-General Tedros Adhanom Ghebreyesus termed "a new and dangerous phase" as daily Covid-19 cases hit record highs.

Despite the turn lower at the end of the week, all three major indexes will post weekly gains, their fourth straight week of gains. The S&P 500 will post a weekly increase of +2%, while the DOW will check-in at +1%. The NASDAQ has the largest weekly gain standings at +3%. Reason for the weekly gains, a record surge in U.S. retail sales, and the Federal Reserve announcing it will buy individual corporate bonds. Continue reading "Stocks Mixed As Coronavirus Cases Spike" →