Dow -145.91 at 17749.31, Nasdaq -21.53 at 4871.76, S&P -12.55 at 2053.40
Well... Market just went down, met a support and pullback a little before closing. Market is looking rather irrational to me so I am putting my opinion on hold before I dwell into the details.We will be expecting PPI numbers out on Friday which is likely to move the market as well. I am not getting too excited about the bullishness yet as I still see some divergence. As we go into the last trading session of the week, I think we should see more sideway for the time being. Cautious is still the word for the market sentiment now.
Direction for Friday 13 Mar, 2015; Up
Market Summary
Industry Watch
Strong:
Weak: Consumer Discretionary, Energy, Financials, Materials, Utilities
Other Market Moving Factor:
- Crude oil falls below $46/bbl
- S&P 500 returns below 50-day moving average
[BRIEFING.COM] The stock market finished the week on a defensive note with the S&P 500 (-0.6%) returning below its 50-day moving average (2,059). The benchmark index settled ahead of the Dow Jones Industrial Average (-0.8%), but behind the Nasdaq Composite (-0.4%).
Equity indices began the day with modest losses and spent the first two hours of action in a steady slide that involved all ten sectors. The S&P 500 hovered near its morning low into the afternoon, but was able to rally into the middle of its trading range during the final 90 minutes of the day.
Once again, the early pressure was largely due to continued greenback strength that sent the Dollar Index (100.22, +0.78) higher by 0.8% to extend its March advance to 5.1%. The unyielding strength fed concerns about the impact to earnings of multinational companies while also pressuring crude oil. The energy component fell 4.7% to $44.89/bbl and notched its low after the Baker Hughes rig count fell to 1125 (-67), registering its 14th consecutive weekly decline.
For the week, WTI crude lost 9.1% while the energy sector (-0.5%) fell 2.8%, ending the week well behind the remaining groups. Today, however, the sector finished ahead of the broader market thanks to a late rally amid speculation ExxonMobil (XOM 83.87, -0.35) may be interested in Whiting Petroleum (WLL 40.00, +1.64). Meanwhile, the materials sector (-1.0%) was the weakest performer on the cyclical side as steelmakers weighed with Market Vectors Steel ETF (SLX 30.97, -0.72) falling 2.3%.
Elsewhere, the technology sector (-0.5%) stayed ahead of the broader market thanks to relative strength among chipmakers. The PHLX Semiconductor Index gained 0.7% with NXP Semiconductor (NXPI 104.66, +6.09) jumping 6.2% after Needham initiated coverage of the stock with a ‘Strong Buy' rating. As for large cap names, Intel (INTC 30.93, +0.13), Microsoft (MSFT 41.38, +0.36) and Oracle (ORCL 42.38, +0.76) finished in the green while other major tech components registered losses.
The Nasdaq settled a little ahead of the broader market thanks to those pockets of strength while biotechnology names also contributed to the outperformance. The iShares Nasdaq Biotechnology ETF (IBB 345.33, +0.50) added 0.1% after being up more than 1.0% this morning. On a related note, the health care sector (-0.2%) finished ahead of the remaining groups.
Treasuries ended flat after showing intraday gains with the 10-yr yield settling at 2.12%.
Today's participation was a bit light with fewer than 790 million shares changing hands at the NYSE floor.
Economic data included PPI and Michigan Sentiment:
- Producer prices declined 0.5% in February after declining 0.8% in January while the Briefing.com Consensus expected an increase of 0.3%
- The drop in producer prices was a shock. Most analysts expected a rise in energy prices would offset any weaknesses from other sectors, but that did not happen
- Energy prices were flat in February after declining 10.3% in January
- Food prices declined 1.6% in February after declining 1.1% in January, which was the third consecutive monthly decline in food prices. Most of the drop resulted from a 17.1% decline in fresh and dry vegetable prices
- Excluding food and energy, core PPI also declined 0.5% in February after declining 0.1% in January while the consensus expected an increase of 0.1%
- The drop in producer prices was a shock. Most analysts expected a rise in energy prices would offset any weaknesses from other sectors, but that did not happen
- The University of Michigan Consumer Sentiment Index dropped to 91.2 in the preliminary March reading from 95.4 while the Briefing.com consensus expected an increase to 95.8
- Slightly higher gasoline prices and a volatile equity market offset continued strengthening in the labor market
- Nasdaq Composite +2.9% YTD
- Russell 2000 +2.3% YTD
- S&P 500 -0.3% YTD
- Dow Jones Industrial Average -0.4% YTD
The stock market began the week on an upbeat note with the Dow Jones Industrial Average (+0.8%) pacing the Monday advance. The price-weighted index settled well ahead of the S&P 500 (+0.4%) while the Nasdaq Composite (+0.3%) spent the bulk of the day near its flat line. Equity indices climbed out of the gate with cyclical sectors fueling the early advance. Meanwhile, countercyclical groups struggled early, but only the telecom services sector (-0.3%) failed to turn positive by the closing bell. Eight of ten sectors finished the day in the green with industrials (+0.9%) settling in the lead. The sector benefitted from solid gains among large cap names like 3M (MMM), Boeing (BA), and Caterpillar (CAT) with the three Dow components advancing between 0.9% and 1.2%. The trio helped the Dow climb throughout the session while the Nasdaq underperformed due to relative weakness in biotechnology and major chipmakers like Taiwan Semiconductor (TSM) and Intel (INTC).
The market endured a daylong selloff on Tuesday with the S&P 500 (-1.7%) sliding below its 50-day moving average and surrendering its Q1 gain. Equities stumbled out of the gate after the Dollar Index (98.60, +1.01) continued its charge, climbing to a fresh 12-year high during overnight action. The index spent the morning near its overnight high and built on that gain into the afternoon. The greenback strength sent the euro into the 1.0700 area while the Dollar Index extended its March gain to 3.4%. The unwavering dollar strength fueled concerns about the earnings prospects of multinational companies while also putting pressure on overseas entities that conduct their dealings in dollars. As a result, a wave of recent downward earnings revisions has lowered 2015 EPS growth expectations to just 1.1% from 9.8% on December 1, according to S&P Capital IQ. The diminished prospects for solid earnings growth broadsided the six growth-sensitive sectors while countercyclical groups did not fare much better. Sellers remained in control throughout the day with the two largest sectors by weight—technology (-2.2%) and financials (-2.1%)—pacing the retreat.
The Dow (-0.2%), Nasdaq (-0.2%), and S&P 500 (-0.2%) registered modest losses on Wednesday while the Russell 2000 (+0.6%) outperformed. The small-cap index climbed steadily throughout the afternoon while the S&P 500 spent the day in an 11-point range near its flat line before settling just below its 100-day moving average (2,042). Tuesday's sharp slide was paced by the two largest sectors by weight, but technology (-0.7%) and financials (+0.6%) spent Wednesday on opposite sides of their unchanged levels, which contributed to the sideways action. The financial sector settled in the lead ahead of the evening release of the complete results of the stress test administered by the Federal Reserve.
The major averages enjoyed a broad-based rebound on Thursday after the S&P 500 (+1.3%) lost 3.6% during the previous seven sessions. The benchmark index reclaimed its 50- (2,060) and 100-day (2,044) moving averages while the Russell 2000 (+1.7%) outperformed. Equity indices charged higher out of the gate and maintained narrow ranges into the afternoon before extending to new highs during the last hour of action. The market all but ignored a disappointing retail sales report for February (-0.6%; Briefing.com consensus +0.4%), but it could be argued that the weak reading increased the likelihood that the Fed will delay its first rate hike. More notably, the greenback weakened a bit with the Dollar Index (99.26, -0.54) shedding 0.5% to narrow its March gain to 4.1%. The Index was down more than 1.0% in the morning, but climbed off its session low that was notched after the release of the retail sales report. Thursday's dollar weakness was not enough to keep crude oil from ending the pit session lower by 2.3% at $47.11/bbl while the energy sector (-0.5%) was the only group that finished in the red. Meanwhile, the remaining nine sectors posted gains between 0.5% (technology) and 2.2% (financials).
DOW
NASDAQ
S&P
Global Market
ASIA
Asian Markets Close: Japan’s Nikkei +1.4%; Hong Kong’s Hang Seng +0.1%; China’s Shanghai Composite +0.7%
Most markets in the Asia Pacific region declined on Friday, yet three of the most influential markets — Japan, Hong Kong, and China — all rose. The Nikkei stole the show with a rally that produced a 1.4% gain and a move above 19,000 to its highest level since 2000.
Most markets in the Asia Pacific region declined on Friday, yet three of the most influential markets — Japan, Hong Kong, and China — all rose. The Nikkei stole the show with a rally that produced a 1.4% gain and a move above 19,000 to its highest level since 2000.
Economic data
- Japan
- January Industrial Production +3.7% month-over-month (expected +4.0%; prior +4.0%)
- January Capacity Utilization +3.6% month-over-month (prior +2.0%)
- South Korea
- February Export Price Index -7.9% year-over-year (prior -8.6%)
- February Import Price Index -17.8% year-over-year (prior -19.4%
- Singapore
- Q4 Unemployment Rate 1.9% (expected 1.9%; prior 1.9%)
- January Retail Sales +4.8% month-over-month (expected -0.6%; prior -1.2%); -5.0% year-over-year (expected -1.1%; prior +4.6%)
Equity Markets
- Japan’s Nikkei increased 1.4% and cruised through the 19,000 mark, hitting its highest point since 2000. The industrial (+3.0%), financial (+1.8%), and energy (+1.7%) sectors led the gains. Top individual winners included FANUC Corp (+13.2%), Sumitomo Realty & Development Co. (+5.6%), Tokyo Fudosan Holdings (+5.2%), Dentsu (+4.6%), and Japan Steel Works (+4.0%).
- Hong Kong’s Hang Seng increased 0.1% but finished near its lows for the day. A lackluster showing from the consumer cyclical (-0.9%) and financial (-0.1%) sectors was offset by strength in the energy (+1.0%), communications (+0.8%), and industrial (+0.6%) sectors. China Shenhua Energy (+3.0%), Bank of China (+2.1%), and Bank of Communications (+2.0%) led the gainers while Lenovo Group (-4.2%), Li & Fung Ltd (-2.6%), and Galaxy Entertainment (-2.3%) paced the decliners.
- China’s Shanghai Composite jumped 0.7%. The technology (+2.7%), energy (+2.3%), and communications (+1.5%) sectors were the strongest performers in the Chinese market. China Southern Airlines (+10.1%), CTS International Logistics (+10.0%), and Yanzhou Coal Mining (+10.0%) sat atop the list of winners while Atlantic China Welding Consumables (-5.1%), Shanghai Zhangjiang High-Tech Park Development (-4.3%), and AVIC Helicopter Co (-3.3%) found themselves at the bottom.
- India’s Sensex declined 1.5% and ended near its lows for the day, dragged down by weakness in the industrial (-3.2%), basic materials (-2.2%), consumer non-cyclical (-1.9%), and financial (-1.3%) sectors. Every sector lost ground with the exception of communications (+0.6%). Bharat Heavy Electricals (-3.5%), Larsen & Toubro (-3.2%), and Wipro (-2.5%) paced the individual decliners.
- Australia’s S&P/ASX fell 0.6%, hurt by losses in the information technology (-1.5%), metals & mining (-0.8%), and materials (-0.8%) sectors.
- Regional advancers: South Korea +0.8%
- Regional decliners: Taiwan -0.2%, Singapore -0.3%, Malaysia -0.3%, Thailand -0.2%, Indonesia -0.3%, Philippines -0.4%, Vietnam -0.4%
FX:
- USD/CNY -0.05% at 6.2587
- USD/INR +0.7% at 62.962
- USD/JPY +0.1% at 121.45
EUROPE
Major European indices trade lower across the board. In news, the Bank of Russia cut its key interest rate to 14.0% from 15.0% and indicated that more cuts should be expected amid slowing inflation. Also of note, European Commission President Jean-Claude Juncker shared his displeasure with recent Greece-related developments, saying not enough progress has been made.
- Germany’s February Wholesale Price Index +0.5% month-over-month (expected -0.2%; previous -0.4%); -2.1% year-over-year (last -2.6%)
- Italy’s February CPI +0.4% month-over-month (expected 0.3%; prior 0.4%); -0.1% year-over-year (consensus -0.2%; last -0.1%)
CLOSING PRICES
- UK’s FTSE: -0.3%
- Germany’s DAX: + 0.9%
- France’s CAC: + 0.5%
- Spain’s IBEX: + 0.2%
- Portugal’s PSI: + 0.4%
- Italy’s MIB Index: -0.4%
- Irish Ovrl Index: + 0.5%
- Greece ASE General Index: -3.0%
Economic Data
from Briefing.com
- PPI : -0.5% vs 0.3% (Prior -0.8%)
- Core PPI : -0.5% vs 0.1% (Prior -0.1%)
- Michigan Sentiment : 91.2 vs 95.8 (Prior 95.4)
PPI
Highlights
- Producer prices declined 0.5% in February after declining 0.8% in January. That was the fourth consecutive monthly decline in the PPI. The Briefing.com Consensus expected the PPI to increase 0.3%.
- Excluding food and energy, core PPI also declined 0.5% in February after declining 0.1% in January. The consensus expected these prices to increase 0.1%.
- Excluding food, energy, and services, producer prices declined 0.1% in February after declining 0.2% in January.
Key Factors
- The drop in producer prices was a shock. Most analysts expected a rise in energy prices would offset any weaknesses from other sectors. That did not happen. Energy prices were flat in February after declining 10.3% in January. Seasonal adjustments removed what would have been a 1.0% nonadjusted gain.
- Food prices declined 1.6% in February after declining 1.1% in January. That is the third consecutive monthly decline in food prices. Most of the February drop was the result of a 17.1% decline in fresh and dry vegetable prices.
- Almost the entire decline in core prices was the result of a 0.5% drop in the final demand for services. That was the largest decline since the index was created in 2009. Margins for fuels and lubricants retailing declined 13.4% and accounted for almost a third of the total decline in final services.
- Pipeline pressures continued to weaken. Headline intermediate processed goods (-0.6%) and unprocessed goods (-3.9%) both declined in February. Large declines were also found in core intermediate processed (-0.4%) and unprocessed (-5.2%) goods.
- Intermediate services prices increased 0.1% in February after declining 0.2% in January.
Big Picture
- There are no pricing pressures down the producer pipeline. This should keep both consumer and producer price growth in check.
MICHIGAN SENTIMENT
Highlights
- The University of Michigan Consumer Sentiment Index dropped to 91.2 in the preliminary March reading from 95.4 in February. The Briefing.com Consensus expected the index to increase to 95.8.
Key Factors
- Slightly higher gasoline prices and a volatile equity market offset continued strengthening in the labor market.
- The Current Conditions Index fell to 103.0 in March from 106.9 in February. The Expectations Index declined to 83.7 in March from 88.0 in February.
- The decline in sentiment won’t have much of an impact on consumption trends. Consumption relies on income growth and not sentiment. As long as income trends higher, consumption gains should follow.
Big Picture
- Consumer sentiment has little influence on consumption. As long as payroll levels continue to expand, the resulting income growth should keep consumption gains steady regardless of the monthly ebbs and flows in sentiment.
Market Internals
NYSE:
Lower Volumes than the day before – 747.5M vs 747.7M
Decliners outpaced Advancers (adv/dec): 917 / 2137
New Lows outpaced New Highs (highs/lows): 70 / 115
NASDAQ:
Lower Volumes than the day before – 1825.6M vs 1846.6M
Decliners outpaced Advancers (adv/dec): 1090 / 1656
New Highs outpaced New Lows (highs/lows): 97 / 62
VOLATILITY S&P500 (VIX)
16.00 +0.58 (+3.76%)
Certainly the internals are looking more bearish and VIX went up significantly before closing slightly higher at 16.00. I won't say the market is going more downside but rather more to lack of leadership.
Technical Updates
17,749.31 -145.91 (-0.82%)
Volume: 113,628,770 (above average of 95,067,138)
Range: 17,629.89 - 17,889.05
4,871.76 -21.53 (-0.44%)
Volume: 439,585,484 (above average of 449,354,437)
Range: 4,842.80 - 4,904.47
Range: 4,842.80 - 4,904.47
S&P 500 INDEX (SPX: CBOE)
2,053.40 -12.55 (-0.61%)
Volume: 553,445,000 (above average of 533,460,185)
Range: 2,041.17 - 2,064.56
From the candlestick pattern, I think the market is going to see a sideway trend. Plus we are seeing a strong resistance level and there seems to be a breakout soon. However I feel the market remains rather confused and meantime looking for a catalyst to move the market.
Commodities
Closing Commodities: WTI Crude Closed Below $45/Barrel
- WTI crude oil dropped today following the IEA monthly oil market report and ahead of the weekly U.S. rig count
- WTI crude dropped following the IEA report, but showed no reaction to the rig count
- Ultimately, Apr crude oil closed $2.22 lower at $44.89/barrel
- Apr nat gas ended flat at $2.73/MMbtu
- Precious metals showed modest gains
- Apr gold closed +$1.60 at $1150.60/oz, while May silver rose $0.03 to $15.49/oz
Energy Price Action
- Apr crude oil futures fell $2.22/barrel to $44.89/barrel
- Apr natural gas closed flat at $2.73/MMBtu
- RBOB Gasoline fell $0.02 to $1.76/gallon
- Heating oil closed $0.10 lower at $1.71/gallon
Note:
- Crude Oil: The Baker Hughes U.S. rig data showed a decline of 67 rigs to 1125. This marks the 14th consecutive week of total rig-count decline and included 56 oil rigs and 11 natural gas rigs closed
Agricultural Price Action
- May corn closed $0.08 lower at $3.81/bushel
- May wheat closed $0.06 lower at $5.01/bushel
- May soybeans closed $0.19 lower at $9.74/bushel
- Ethanol closed $0.02 lower at $1.45/gallon
- Sugar #11 closed 0.51 cents lower at 12.70 cents/lb
Metals Price Action
- Apr gold ended today’s session $1.60 higher at $1150.60/oz
- May silver closed $0.03 higher at $15.49/oz
- May copper closed flat at $2.66/lb
Currencies
Dollar Rallies, Again:
- The U.S. Dollar rallied against the euro, the pound sterling, and the commodity currencies. The Swiss franc and the Japanese yen were mostly unchanged against the dollar. The selling in U.S. equities may have been severe enough to warrant safe haven buying
- The currency markets have been volatile enough that the Fed may give them a mention at next week's FOMC meeting
- EUR/USD: -146 pips (-1.38%) to $1.0481
- USD/CHF: +12 pips (0.12%) $1.0041
- USD/JPY: -2 pips (-0.02%)
- Commodity currencies:
- USD/CAD: +104 pips (0.82%) to 1.2793
- AUD/USD: -79 pips (-1.02%) to $0.7627
- NZD/USD: -78 pips (-1.05%) to $0.7326
Treasuries End Green:
- U.S. government bonds and notes rallied today as both the February PPI and the March Michigan Sentiment data painted a picture of the U.S. economy that concerned equity investors and encouraged buyers of government debt
- Yield check:
- 2-yr: -1 bp to 0.66%
- 5-yr: -1 bps to 1.58%
- 10-yr: unch at 2.12%
- 30-yr: unch at 2.70%
- News and Data:
- The Producer Price Index declined 0.5% m/m in February, versus a Briefing.com consensus estimate of +0.3%. The core-PPI, which excludes food and energy prices, also declined 0.5% m/m, versus a Briefing.com consensus of +0.1%
- Most analysts expected a rise in energy prices would offset any weaknesses from other sectors. That did not happen
- Almost the entire decline in core prices was the result of a 0.5% drop in the final demand for services. That was the largest decline since the index was created in 2009
- The Michigan Consumer Sentiment Index for March was 91.2, versus a Briefing.com consensus of 95.0. The reading in February was 95.4
- According to Briefing.com chief economist, Jeffrey Rosen, "The decline in sentiment won't have much of an impact on consumption trends. Consumption relies on income growth and not sentiment
- The Producer Price Index declined 0.5% m/m in February, versus a Briefing.com consensus estimate of +0.3%. The core-PPI, which excludes food and energy prices, also declined 0.5% m/m, versus a Briefing.com consensus of +0.1%
- Commodity Prices:
- WTI Crude fell $1.93 or 4.10% to $45.12/bbl.
- Copper rose 1 cent or 0.32% to $2.67/lb.
- Gold shrugged off strength in the dollar and weakness in oil to rise $2.80 (0.24%) to $1154.70/troy oz.
- Currencies:
- EUR/USD traded down to a new 12-year low of $1.0465, falling 151 pips (-1.42%) to $1.0477
- USD/JPY rose 3 pips (0.02%) to 121.32
- GBP/USD made a new 20-month low, falling 163 pips (-1.10%) to $1.4732
- The Week Ahead:
- Monday: March Empire Manufacturing (08:30 ET); February Industrial Production (09:15 ET); February Capacity Utilization (09:15 ET); March NAHB Housing Market Index (10:00 ET); January Net Long-Term TIC Flows (16:00 ET)
- Tuesday: February Building Permits (08:30 ET); February Housing Starts (08:30 ET)
- Wednesday: MBA Mortgage Index for the week ending 3/14 (07:00 ET); Crude Inventories for the week ending 3/14 (10:30 ET); March FOMC Rate Decision (14:00 ET) ·
- Thursday: Initial and Continuing Jobless Claims (08:30 ET); Q4 Current Account Balance (08:30 ET); March Philadelphia Fed (10:00 ET); February Leading Economic Indicators (10:00 ET) ; Natural Gas Inventories for the week ending 3/14 (10:30 ET); $13 billion 10-year Treasury Note Auction (reopening) (13:00 ET)
- Friday: Atlanta Fed President Lockhart (FOMC-voter) (10:20 ET); Chicago Fed President Evans (FOMC-voter) speaks at the Brookings Institution about "Risk Management for Monetary Policy Near the Zero Lower Bound" (11:30 ET)
Treasury Yields:
- 2 Year Note 0.68% +0.01
- 5 Year Note 1.60% +0.01
- 10 Year Note 2.13% +0.03
- 30 Year Bond 2.70% +0.01
2/30 Spread: 202 bps ( UNCH ) … 2/10 Spread: 145 bps ( +2 )
Preview for the week Monday 16 Mar to Friday 20 Mar, 2015
Monday (16 Mar) :
- Empire Manufacturing : 8.8 (Prior 7.8)
- Industrial Production : 0.3% (Prior 0.2%)
- Capacity Utilization : 79.5% (Prior 79.4%)
- NAHB Housing Market Index : 56 (Prior 55)
- Net Long-Term TIC Flows : (Prior $35.4B)
- Building Permits : 1070K (Prior 1053K)
- Housing Starts : 1040K (Prior 1065K)
- MBA Mortgage Index : (Prior -1.3%)
- Crude Inventories : (Prior 4.512M)
- FOMC Rate Decision : 0.25% (Prior 0.25%)
- Initial Claims : 294K (Prior 289K)
- Continuing Claims : 2420K (Prior 2418K)
- Current Account Balance : -$105.0B (Prior -$100.3B)
- Philadelphia Fed : 7.2 (Prior 5.2)
- Leading Indicators : 0.2% (Prior 0.2%)
- Natural Gas Inventories : (Prior -198bcf)
- No Economic Data
Earnings Highlights
Monday (16 Mar) :
BMO - CMGE CUR PFNX PHMD PGNX RDNT STRL TESO TSQ UCP
BMO - CMGE CUR PFNX PHMD PGNX RDNT STRL TESO TSQ UCP
During Mkt Hrs - CTWS
AMC - ANW APP BDE HELI CUI DCO BOOM XONE FTEK FXEN INTX JMEI CALL MPO MCP NOAH NES OMER PRGN PWRD PRSC QUNR STRI EGY VTAE WG
Tuesday (17 Mar) :
BMO - AKBA ARCO BURL DSW FDS HNR IOC PLUG RSPP RYI ZBRA
AMC - ADBE CDNA MCUR OCN ORCL PSUN FRSH
Wednesday (18 Mar) :
BMO - ATU EJ EVLV FDX GIS GLYC LEJU
AMC - CTAS CLC CORT CUB GES MLHR JBL JUNO KTWO QEPM RENN SCVL SLW SFS GOMO TLYS WSM
Thursday (19 Mar) :
BMO - CRCM CATO DANG LEN MCS MIK PERY TECD TNP VNCE
AMC - CTRP EXA HGR INGN MFRM NWY NKE ZQK RALY TCPI VCYT VTL YOKU ZFGN
Friday (20 Mar) :
BMO - CMCM DRI KBH TIF
AMC - None Scheduled
Summary
Market is likely to see more volatility next week as we are expecting the FOMC Rate decision on Wednesday and that is going to give the market some shake. Previously the speculation of rate hike had taken the market down a fair bit and I suppose it is going to continue in the coming week.
The market is seemingly cautious and it looks as if the market has found a support and looking to rebound. But next week data might change the outlook in an instance.
The market is seemingly cautious and it looks as if the market has found a support and looking to rebound. But next week data might change the outlook in an instance.
Direction for Monday 16 Mar, 2015; Up
2015 Daily Directional Accuracy: 16/35 (45.71%)
2015 Weekly Directional Accuracy: 5/8 (62.50%)
2015 Weekly Directional Accuracy: 5/8 (62.50%)
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