Weekly Economic Update 02-03-2017

As markets opened all our buy signals were tripped, only to see 90 minutes later the sellers arrived. Gold has failed to break over the psychological $1,220 level six times and is forming a double top pattern. In market speak that means prices are more likely to fall. We really need to see strong volume and upward price movement, neither of which we are seeing yet. This puts us on hold day to day; the trades are ready to go. Perhaps I will get the pullback I’ve been looking for?

Time to celebrate – we are now in the third longest expansionary cycle in history that came with the weakest economic growth in history. There has been some good data on employment growth and from the manufacturing sector, yet consumer spending and wage growth remain weak. If spending doesn’t pick up soon, expect companies to back off the hiring trend.

Bonus Section: CPI index vs M2 Money Stock; S&P 500 volume analysis; support and price analysis for: 10-year Treasury yields, Gold, Gold Futures and Gold Miners, and Treasury bonds; Treasury bond volume analsysis; macroeconomic indicators; percentage of stocks trading above their moving averages; total put/call ratio; and charts from the recent Commitments of Traders report.

Weekly Update (10 min):

  • Short Term Market Outlook
  • Good Economic News
  • Not So Good Economic News
  • QE2/3 versus Today

Bonus (13 min):

  • S&P 500 vs M1 Money Stock
  • iShares 20+ Year Treasury Bonds (TLT) vs M2 Money Stock
  • Consumer Price Index vs M2 Money Stock vs Recessions
  • S&P 500 Volume Analysis
  • 10-Year Treasury Yield (TNX) Support Levels & Price Targets
  • Gold Futures (GCJ7) Support Levels & Price Targets
  • SPDR Gold Trust (GLD) Support Levels & Price Targets
  • Vaneck Vectors Gold Miners (GDX) Support Levels & Price Targets
  • iShares 7-10 Year Treasury Bond (IEF) Support Levels, Price Targets & Volume Analysis
  • S&P 500 vs % of S&P 500 Stocks Above 50-day MA
  • S&P 500 vs % of S&P 500 Stocks Above 200-day MA
  • S&P 500 vs Total Put/Call Ratio Relative to its 20-day MA
  • Commitments of Traders – S&P 500
  • Commitments of Traders – 10 Year Treasury Yield
  • Commitments of Traders – US Dollar