Weekly Economic Update 02-10-2017

After being flat for nearly 3 months, equities continue to grind higher in the absence of sellers. Short sellers are afraid to enter, which will leave stocks nowhere to go but up. Mid-term momentum puts the S&P 500 back at 2,100 and the DJIA at 18,300. Be forewarned.

Gold (and gold miners) finally ran into a huge wall of resistance and have started selling off. This should take gold back to $1,208 or $1,190 to confirm the bullish trend. Support at these levels is what I am looking for to validate my buy signals. Failure to hold those levels means prices are going to fall further.

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

Weekly Update (6 min):

  • Nonfarm Payrolls Update
  • Bank Lending Tightens
  • Interest Rates Drop
  • Confidence Remains High
  • Bullish Sentiment Moves Higher
  • Import Prices Up, Sorta

Bonus (14 min):

  • Cyclically Adjusted P/E Ratio vs Recessions
  • Consumer Price Index vs M2 Money Stock vs Recessions
  • S&P 500 Volume Analysis
  • 10-Year Treasury Yield (TNX) Support Levels & Price Targets
  • SPDR Gold Trust (GLD) Support Levels
  • Vaneck Vectors Gold Miners (GDX) Support Levels
  • iShares 7-10 Year Treasury Bond (IEF) Support Levels & 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