The recent trajectory of US stocks has seen a sharp shift, transitioning from a relentless rally to a persistent pullback. After experiencing five consecutive winning months without a 2% decline, the market has faced three consecutive down weeks. This 5.5% setback in the S&P 500 is primarily attributed to the uncertainty surrounding Federal Reserve policy.The theme of sticky inflation coupled with the cautious stance of the Fed has led to significant fluctuations in the 10-year Treasury yield, soaring from 4.2% to over 4.6% within just three weeks. The prospect of a potential rate cut by the Federal Reserve has been pushed further in traders’ estimations.This week, the focus shifts to the Personal Consumption Expenditures (PCE) report, which will gauge inflation against the Fed’s target. This could trigger another shift in the market narrative towards a more hawkish stance, especially given the current assumptions of strong consumer resilience and higher oil prices.From a trading perspective, the recent pullback has not only led to oversold conditions but has also helped to unwind aggressive market positioning and temper investor expectations, coinciding with a significant week of big-cap earnings reports.Recent statements from multiple Fed officials advocate for a patient, data-driven approach, signalling that rate cuts soon are unlikely. Fed Chair Jerome Powell emphasised the slow progress in curbing inflation and stressed the need for policymakers to be more confident before considering easing measures.However, there’s a lingering concern about the potential scenario where inflation not only stagnates but also surges, driving up rate hike expectations. […]

Image Source:    belongs to the major chicken processor Pilgrim’s Pride ). I found the stock by using Barchart’s powerful screening functions to find stocks with the highest technical buy signals, highest Weighted Alpha, superior current momentum, and having a Trend Seeker buy signal then used the Flipchart feature to review the charts for consistent price appreciation. Since the Trend Seeker signaled a buy on 2/ 15 the stock gained 25.11%.(Click on image to enlarge)PPC Price vs Daily Moving AveragesPilgrim’s Pride Corporation produces, processes, markets, and distributes fresh, frozen, and value-added chicken and pork products to retailers, distributors, and food service operators. The company offers fresh products, including refrigerated whole or cut-up chicken, selected chicken parts that are either marinated or non-marinated, primary pork cuts, added value pork, and pork ribs; and prepared products, which include fully cooked, ready-to-cook and individually frozen chicken parts, strips, nuggets and patties, processed sausages, bacon, smoked meat, gammon joints, pre-packed meats, sandwich and deli counter meats and meatballs. It also provides plant-based protein offerings, ready-to-eat meals, multi-protein frozen foods, vegetarian foods, and desserts. In addition, its exported products include whole chickens and chicken parts sold either refrigerated for distributors in the U.S. or frozen for distribution to export markets and primary pork cuts, hog heads, and trotters frozen for distribution to export markets. The company offers its products under the Pilgrim’s, Just BARE, Gold’n Pump, Gold Kist, County Pride, Pierce Chicken, Pilgrim’s Mexico, Savoro, To-Ricos, Del Dia, Moy Park, O’Kane, Richmond, Fridge Raiders, and Denny brands. It […]

Image Source:   V Elliott Wave Analysis Trading Lounge Daily Chart,Visa Inc., () Daily ChartV Elliott Wave Technical AnalysisFUNCTION: Counter TrendMODE: CorrectiveSTRUCTURE: ZigZagPOSITION: Intermediate wave (4).  DIRECTION: Bottom in wave (4).DETAILS: We are entertaining the idea of an Intermediate wave (3) in place, as the current correction, given its magnitude, seems to be paring up with the same degree wave (2).V Elliott Wave Analysis Trading Lounge 4Hr Chart, AprilSuper Micro Computer Inc., (V) 4Hr ChartV Elliott Wave Technical AnalysisFUNCTION: Counter TrendMODE: CorrectiveSTRUCTURE: ZigZagPOSITION: Intermediate wave (4).  DIRECTION: Bottom in wave A of (4).DETAILS: Looking for either a bottom in wave A as RSI bullish divergence also seems to be suggesting, or else we’ve have a sharp wave (4), to alternate with the sideways wave (2).On April 22, 2024, our Elliott Wave analysis delves into Visa Inc. (Ticker: V), providing valuable insights into its daily and 4-hour chart movements. This analysis aims to offer investors actionable information to navigate the market effectively.*V Elliott Wave Technical Analysis – Daily Chart*Our analysis reveals that Visa is currently undergoing a corrective counter trend phase, characterized by a ZigZag structure, identified as Intermediate wave (4). The direction indicates a potential bottoming out in wave (4). We are exploring the possibility of Intermediate wave (3) completion, given the correction’s magnitude, aligning with a wave (2) of the same degree.*V Elliott Wave Technical Analysis – 4hr Chart*Zooming into the 4-hour chart, Visa’s corrective phase continues within Intermediate wave (4), specifically focusing on wave A. Our analysis suggests that the correction may have found a bottom in wave A, supported by bullish […]

In December I  Four months later, there’s no competition across the  commodities are the upside outlier by a wide margin, based on a set of ETFs through Friday’s close (Apr. 19).WisdomTree Enhanced Commodity Strategy Fund () is up nearly 15% year to date. The second-best performer in 2024 is the fast-deflating US stock market (), which ended last week with a 3.7% rise.The other main takeaway in the chart above: most of the major asset classes are in the red so far this year. The deepest loss is in US property shares () via a 9.8% decline for 2024.What’s the catalyst for the rise in commodities prices? “The world economy started growing again,”  Jan van Eck, CEO of VanEck, a fund company. He cites China as a factor. “China which has been such a huge driver of growth and so negative for growth over the last year or two. Manufacturing PMI is now positive in China as of March,” he observes. “You now have growth. … So, that leads to your reflation trade.”A widely followed marker in the commodities rally is this year’s rise in gold. SPDR Gold Shares ETF () is up 15.6% year to date. A key factor is the recent rise in demand from central banks for the precious metal, China in particular. Business Insider “The People’s Bank of China, or PBOC, has been snapping up gold for 17 straight months, with its holdings of the precious metal rising 16% over this period, according to a report from the international trade […]

After opening the day on a high, Indian share markets continued the momentum as the session progressed and ended the day firm.The Indian stock market benchmarks, the Sensex and the Nifty 50 extended their gains into the second consecutive session on Monday, April 22, tracking positive global cues amid easing concerns over geopolitical tensions in West Asia.At the closing bell, the BSE Sensex stood higher by 622 points (up 0.9%).Meanwhile, the NSE Nifty closed higher by 223 points (up 0.9%).BPCL, L&T, and Eicher Motors were among the top gainers today.Titan, Coal India, and Reliance Industries, on the other hand, were among the top losers today.The GIFT Nifty ended at 22,374 up by 263 points or 1.1% higher.Broader markets ended the day higher. The BSE Mid Cap ended 1% higher and the BSE Small Cap index ended 1.3% higher.Sector indices are trading on a positive note, with stocks in the oil & gas sector, and the healthcare sector witnessing buying.KSB, Siemens, and Trent hit their respective 52-week highs today.The rupee is trading at 83.37 against the US$.Gold prices for the latest contract on MCX are trading 1.2% lower at Rs 71,952 per 10 grams.Meanwhile, silver prices are trading 1.9% lower at Rs 81,894 per 1 kg.  NTPC’s Green Energy PartnershipIn news from the energy sector, NTPC shares were trading lower in early trade on 22 April after the company’s wholly-owned subsidiary signed a Memorandum of Understanding (MoU) with Indus Towers.NTPC Green Energy Limited (NGEL) is a wholly owned subsidiary of NTPC.The MoU is to explore the joint development of grid-connected renewable energy-based power […]

Image Source:   The NAS100 index has fallen in six of the past 7 weeks, as markets push back bets for Fed rate cuts in 2024. Note that, riskier assets (including stocks) tend to rejoice at the thought of US interest rates moving lower. Hence, such joy has swiftly eroded in light of stubbornly high US inflation.   US equity bulls will now look to this week’s Big Tech earnings for salvation.If the likes of Tesla, Meta, Microsoft, and Alphabet add to the doom and gloom, citing a challenging road ahead for future earnings, that could bring NAS100 closer to a technical correction (10% lower from record high).  Events Watchlist: Tuesday, April 23: Tesla earnings Earlier this month, this EV-maker already revealed that 1Q deliveries were 8.5% fewer vehicles year-on-year, missing Wall Street analysts’ estimates by the widest margin ever.If Tesla heaps on more negative news, this stock could fall another 7-8% when markets reopen Wednesday, and drag the NAS100 closer to the 17,000 level. Wednesday, April 24: Meta Platforms earnings Shares of the world’s largest social media company, and 5th biggest US stock, are forecasted to move over 8%, up or down, when US markets reopen on Thursday (day after Meta’s earnings release).A positive reaction to this US$1 trillion company’s Q1 financials and earnings outlook, with much focus on its just-released Llama 3 large language model, could help the NAS100 create a bigger gap above the psychologically-important 17k mark. Thursday, April 25: Microsoft and Alphabet earnings After the 1st and 4th largest US publicly-listed […]