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Stock futures are trading slightly lower Monday morning as investors gear up for the final month of 2024. S&P 500 futures slipped 0.18%, alongside declines in Dow Jones Industrial Average futures and Nasdaq 100 futures, which dropped 0.13% and 0.17%, respectively. The market’s focus is shifting to upcoming economic data, particularly reports on manufacturing and construction spending, ahead of this week’s key labor data releases.

November was a standout month for equities, with the S&P 500 futures rallying to reflect the index’s best monthly performance of the year. Both the S&P 500 and Dow Jones Industrial Average achieved all-time highs during Friday’s shortened trading session, with the Dow briefly surpassing 45,000. Small-cap stocks also saw robust gains, with the Russell 2000 index surging over 10% in November, buoyed by optimism around potential tax cuts.

As trading kicks off in December, investors are keeping a close eye on geopolitical developments in Europe, where France’s CAC 40 index dropped 0.77% amid political concerns, while Germany’s DAX and the U.K.’s FTSE 100 showed smaller declines.

S&P 500 futures will likely continue to act as a key barometer for market sentiment, particularly as traders assess the impact of upcoming economic data and global market developments.

S&P 500 Index Chart Analysis

This 15-minute chart of the S&P 500 Index shows a recent trend where the index attempted to break above the resistance level near 6,044.17 but retraced slightly to close at 6,032.39, reflecting a minor decline of 0.03% in the session. The candlestick pattern indicates some indecisiveness after a steady upward momentum seen earlier in the day.

On the RSI (Relative Strength Index) indicator, the value sits at 62.07, having declined from the overbought zone above 70 earlier. This suggests that the bullish momentum might be cooling off, and traders could anticipate a short-term consolidation or slight pullback. However, with RSI above 50, the overall trend remains positive, favoring buyers.

The index’s recent low of 5,944.36 marks a key support level, while the high at 6,044.17 could act as resistance. If the price sustains above the 6,020 level and RSI stabilizes without breaking below 50, the index could attempt another rally. Conversely, a drop below 6,020 could indicate a bearish shift.

In conclusion, the index displays potential for continued gains, but traders should watch RSI levels and price action near the support and resistance zones for confirmation.

The post Stock Futures Lower after S&P 500 futures ticked down 0.18% appeared first on FinanceBrokerage.

Stock futures climbed on Wednesday, driven by strong performances from Salesforce and Marvell Technology, following upbeat quarterly earnings. Futures tied to the Dow Jones Industrial Average rose by 215 points (0.5%), while S&P 500 futures gained 0.3%, and Nasdaq-100 futures advanced by 0.7%.

Salesforce surged 12% after reporting fiscal third-quarter revenue that exceeded expectations, showcasing robust demand in the enterprise software sector. Meanwhile, chipmaker Marvell jumped 14% after surpassing earnings estimates and providing optimistic fourth-quarter guidance, indicating resilience in the semiconductor industry.

This movement follows a mixed session on Wall Street, where the S&P 500 and Nasdaq closed with small gains, while the Dow dipped slightly. The broader market has experienced a modest start to December, contrasting with November’s robust rally, but analysts anticipate a resurgence in momentum. LPL Financial’s George Smith pointed out that December historically sees strong market performance, particularly in the latter half of the month.

However, economic data introduced some caution. ADP’s report revealed that private payrolls grew by just 146,000 in November, missing estimates of 163,000. This signals potential softness in the labor market, with investors now awaiting Friday’s November jobs report for further clarity.

S&P 500 Index Chart Analysis

Based on the provided stock chart, which appears to be a 15-minute candlestick chart for the S&P 500 Index, here’s a brief analysis:

The chart shows a clear upward trend, with higher highs and higher lows indicating bullish momentum over the analyzed period. The index has steadily climbed from a low of approximately 5,855 to a recent high of 6,053.58, suggesting strong buying interest.

Key resistance is observed near 6,050-6,053 levels, as the price has struggled to break above this zone in the most recent sessions. If the index breaches this level with strong volume, it could lead to further upward movement. Conversely, failure to break out may lead to a pullback, with potential support around the 6,000 psychological level and 5,980, where consolidation occurred previously.

The candlestick patterns show relatively small wicks, indicating limited volatility, which could imply steady market confidence. However, the bullish rally could be overextended, warranting caution for traders, especially if any negative catalysts emerge.

In summary, the short-term trend is bullish, but traders should monitor resistance levels and volume for signs of a breakout or reversal. It’s also essential to watch broader market factors, as indices are often influenced by macroeconomic data and sentiment.

The post S&P 500 climbed 0.3%, and Nasdaq-100 futures jumped 0.7% appeared first on FinanceBrokerage.

Bitcoin’s meteoric run may have gotten a little extra push from an unlikely source: Federal Reserve Chair Jerome Powell.

In comments Wednesday about the cryptocurrency, the central bank leader noted that he does not and cannot own any himself. In addition, he said the Fed’s role in regulating bitcoin and its competitors is limited.

However, he also maintained that bitcoin is not a challenge for traditional currencies such as the U.S. dollar but rather for gold.

“People use bitcoin as a speculative asset,” Powell told CNBC’s Andrew Ross Sorkin during the New York Times’ DealBook Summit. “It’s just like gold, only it’s virtual, it’s digital. People are not using it as a form of payment or as a store of value. It’s highly volatile. It’s not a competitor for the dollar, it’s really a competitor for gold.”

For those who watch the crypto markets, the Powell comments, whether unwittingly, provided a sense of legitimacy for bitcoin and helped drive it another leg higher. Bitcoin jumped 3% in morning trade Thursday, pushing over the $103,000 mark before easing slightly.

“We believe the Fed chair’s comparison of bitcoin to gold is a significant development as it introduces another level of credibility to bitcoin as a major asset in global markets,” said Joel Kruger, market strategist at LMAX Group, which runs an exchange for currency and crypto trading.

“The fact that gold is still about 10 times larger than bitcoin should offer additional insight into how much more room there is for bitcoin to grow from current levels,” he added.

Bitcoin rose sharply to start the year then largely traded in a volatile but fairly tight range — until Donald Trump won the Nov. 5 presidential election. Since then, it has soared close to 50% as the president-elect’s pro-crypto remarks fueled another price surge that took bitcoin past the $100,000 mark late Wednesday. By contrast, gold is about flat since the election, though it is up nearly 30% year to date.

To be sure, how much Powell’s comments helped propel the last move is unknown.

The remarks comparing it to bitcoin came the same day Trump made formal his widely anticipated intention to nominate financier Paul Atkins, also a strong crypto supporter, as chair of the Securities and Exchange Commission.

The position is a key regulatory post and could provide a smoother market ride, particularly since the current SEC leader, Gary Gensler, has been an opponent of the crypto industry.

This post appeared first on NBC NEWS

A federal judge rejected Boeing’s plea deal tied to a criminal fraud charge stemming from fatal crashes of its 737 Max aircraft.

U.S. District Judge Reed O’Connor of the U.S. District Court for the Northern District of Texas expressed concern in his decision on Thursday that a government-appointed monitor, a condition of the plea deal, would include diversity, equity and inclusion policiies.

He wrote that “the Court is not convinced in light of the foregoing that the Government will not choose a monitor without race-based considerations and thus will not act in a nondiscriminatory manner. In a case of this magnitude, it is in the utmost interest of justice that the public is confident this monitor selection is done based solely on competency.”

In October, O’Connor ordered Boeing and the Justice Department to provide details on diversity, equity and inclusion policies when the monitor would be selected.

The court gave Boeing and the Justice Department 30 days to decide how to proceed, according to a court document filed Thursday.

In July, Boeing agreed to plead guilty to a criminal charge of conspiring to defraud the U.S. government by misleading regulators about its inclusion of a flight-control system on the Max that was later implicated in the two crashes — a Lion Air flight in October 2018 and an Ethiopian Airlines flight in March 2019. All 346 people on the flights were killed.

Boeing and the Justice Department didn’t immediately comment.

Victims’ family members had taken issue with a government-appointed monitor as a condition of the plea deal and sought to provide more input. They called it a “sweetheart deal.”

Erin Applebaum, an attorney representing one of the victim’s family members applauded the deal. “We anticipate a significant renegotiation of the plea deal that incorporates terms truly commensurate with the gravity of Boeing’s crimes,” Applebaum said in a statement. “It’s time for the DOJ to end its lenient treatment of Boeing and demand real accountability.”

The deal was set to allow Boeing to avoid a trial just as it was trying to get the company back on solid footing after a door burst off of a flight in midair at the start of the year, reigniting a safety crisis at the manufacturer.

The new plea deal arose after the Justice Department said in May that Boeing violated a previous plea agreement, which was set to expire days after the door plug blew off the 737 Max 9 on Jan. 5. O’Connor said in his decision on Thursday that it “is not clear what all Boeing has done to breach the Deferred Prosecution Agreement.”

Under the new plea agreement, Boeing was set to face a fine of up to $487.2 million. However, the Justice Department recommended that the court credit Boeing with half that amount it paid under a previous agreement, resulting in a fine of $243.6 million.

This post appeared first on NBC NEWS

Dollar General is testing same-day delivery to customers’ homes as the deep discounter tries to fend off fiercer competition with Walmart.

On an earnings call Thursday, Dollar General CEO Todd Vasos said the retailer “soft launched” the delivery program in September. Now it offers same-day delivery at about 75 stores, he said. It is offered through a third-party company, which he did not name.

“We’ve always said here, ‘We’re going to do delivery our way when it’s time,’” Vasos said. “We believe it’s time.”

He said the company expects it will ultimately expand the offering to “thousands of stores.”

With same-day delivery, the Tennessee-based dollar store is acknowledging the pressure from other retailers like Walmart, Amazon and Temu that offer convenience along with low prices. Walmart, for instance, has significantly grown its online business, posting 10 quarters in a row of double-digit e-commerce gains in the U.S., as it offers curbside pickup and speedier home deliveries.

Dollar General, on the other hand, typically does not share updates or specific figures about its e-commerce business in quarterly earnings reports because of its heavy reliance on brick-and-mortar sales.

Yet over the past year, Dollar General has felt the pinch from both economic challenges and its own strategy. Consumers, particularly low-income households, have pulled back on discretionary purchases because of the cumulative effect of high inflation. Dollar General also has paid millions of dollars of fines for sloppy stores and blocked fire exits that became both workplace safety hazards and potential turnoffs for its shoppers.

In recent months, Dollar General’s CEO has spoken about losing market share to Walmart. Vasos said at a Goldman Sachs retail conference in September that “the guys in Bentonville [the Arkansas home of Walmart’s headquarters] took a little bit larger piece” of the retailer’s middle-income customer base.

Vasos said the company launched its own program after learning from its DoorDash deliveries, which are available at about 16,000 of its stores.

The new offering, DG Delivery, is available for customers at select stores, according to Dollar General’s website. Customers place orders through Dollar General’s app and can get the same store prices and delivery in as little as an hour. The program also accepts digital coupons and offers cash back rewards.

DG Delivery does not appear to charge a fee or have a minimum order requirement, according to the website.

On Dollar General’s earnings call on Thursday, Vasos said Dollar General is still working on its business model for the online offering, but said it relies on labor from a third party rather than using store employees or company-employed delivery people. He said same-day delivery is an opportunity to grow the retailer’s advertising business, too, since customers would engage with the app more frequently when placing orders.

But the option is still available at only a tiny fraction of Dollar General’s stores. It has more than 20,000 stores across the country, including many in rural parts of the U.S.

This post appeared first on NBC NEWS

As part of your daily trading routine, you likely start the day by checking the news and stock prices to identify potential market opportunities. However, as you already know, news and price performance can only give you a snapshot context—a starting point for a much more thorough analysis.

Financial media often highlights the price performance of notable stocks, but understanding its significance is another matter. A single price snapshot doesn’t uncover trading opportunities, but analyzing price within the context of consistent movement can.

One way to get a comprehensive view of this context is using a MarketCarpets chart configured to display [Up Days] – [Down Days].

What is MarketCarpets’ Up Days – Down Days?

This indicator setting counts the number of days a stock moves higher, then subtracts the number of days it moves lower, during a specified timeframe. (It’s best to start with at least a 5-day change.)

Why use this indicator? It’s all about consistency, or finding stocks with consistent increases or decreases. For instance, a stock’s one-day jump tells you very little. From where did it jump? What was its price action in the previous days? What is its trend context?

A single day’s movement can be unreliable simply because it doesn’t say much beyond the current day. You’ll have to check the charts to get a broader context. Fortunately, you can save time and get an overview of all stocks using MarketCarpets’ Up Days – Down Days setting.

For example, look at what happened in the Technology Sector -> Software Industry on Wednesday (see image below). The stock that pops out immediately is Microsoft Corp. (MSFT), not only because of the size of its market cap but also the company’s overall significance in the tech industry and beyond.

FIGURE 1. MARKETCARPETS CHART OF SOFTWARE SET TO ONE-MONTH VIEW OF UP DAYS – DOWN DAYS. MSFT, up 9 days, is the largest stock by market cap in this segment.Image source: StockCharts.com. For educational purposes.

If you hover over the square, you’ll get a small pop-up showing you MSFT’s chart. But we’ll take a closer look to drill down into the broader context of this MarketCarpets reading. MSFT has had nine up-days minus down-days over the last month, but what exactly does that mean, and does it present a tradable opportunity?

Let’s start with a daily chart of MSFT. 

FIGURE 2. DAILY CHART OF MSFT. After being in a trading range for about four months, Is MSFT poised for a breakout?Chart source: StockCharts.com. For educational purposes.

Given Microsoft’s significance in all things “tech,” it wouldn’t hurt to get a breadth reading on the sector’s performance. To this end, the S&P Technology Sector Bullish Percent Index, $BPINFO (see magenta square), tells you that over 70% of tech stocks are exhibiting Point & Figure buy signals, which indicates cautious bullishness, as some stocks may be overbought.

MSFT’s sideways movement, a range that lasted nearly four months, coincided with negative buying pressure in the Chaikin Money Flow (CMF). But the current attempt to break above resistance at $440 is accompanied by a notable surge in buying pressure (see magenta rectangle in the CMF panel).

A bullish trader would likely enter a long position at a break of $440, set a stop loss at $425 (given the concentration of trading volume — see the magenta line and Volume-by-Price), and watch $466, MSFT’s all-time-high as a technical target price (fundamental targets will differ).

In contrast, let’s look at the worst performers using the same MarketCarpets view. You can do this by cycling through each sector on MarketCarpets to get a comprehensive view of which industries seem to be underperforming. Here’s what I discovered in the Investment Services industry within the Financial sector (see image below).

FIGURE 3. ONE-MONTH MARKETCARPETS CHART OF THE FINANCIAL SECTOR’S INVESTMENT SERVICES INDUSTRY. Among the big brokerages, Morgan Stanley (MS) appears to be one of the bigger underperformers.Image source: StockCharts.com. For educational purposes.

If the MarketCarpets’ Up Days minus Down Days calculation indicates weakness or underperformance, it helps to look at the wider context of trend, momentum, and overall technical strength.

Morgan Stanley (MS) has experienced more down days than up days over the past month relative to its peers. Could this signal weakness weighing upon its share price? Let’s shift to a daily chart for a closer look.

FIGURE 4. DAILY CHART OF MORGAN STANLEY. A rounding top pattern can indicate a toppy stock, although it can bounce off the bottom of the pattern formation.

MS is forming a rounding top pattern coming off a wide gap following a flag pattern. A rounding top is traditionally considered a bearish reversal pattern (though it can sometimes do the opposite and bounce at the bottom of the formation, so watch out). If it breaks below $128, the bottom of the formation, it’s likely to find support at the 50-day Simple Moving Average (SMA) line or the most recent swing high point at $120.

Some traders might see this as a shorting opportunity (below $128), while others may see it as a buying opportunity (at $120, for instance). Whatever you decide might be the better way to go, it’s important to consider a few other mixed signals:

  • The stock’s technical strength, as measured by the StockChartsTechnicalRank (SCTR) line, is favorably bullish at 84, indicating that the current weakness might be setting up for a minor pullback. A break below 70 would indicate technical weakness.
  • The CMF indicates that selling pressure dominates the stock’s momentum, indicating the possibility that the stock’s reversal may be more than a mere “breather.”

Whether MS is poised for a minor pullback or a larger reversal, you’ll gain clarity once the price reacts to the key levels, allowing you to make your move.

These are just a few examples of many stocks you might have found using the MarketCarpets’ Up Days – Down Days tool. Try it out yourself and create a ChartList with your top 5 to 10 stocks. This will help you track their performance and identify trading opportunities over time.

At the Close

Incorporating MarketCarpets into your daily trading routine can significantly enhance your ability to find trading opportunities at a near glance. The Up Days – Down Days indicator, in particular, offers valuable insights into consistency in near-term price trends, helping you focus on stocks with sustained upward or downward movements. Make this tool a part of your routine, and build a ChartList to monitor the stocks you find.


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

The broader stock market indexes sold off slightly ahead of the November Non-Farm Payrolls data, which will be released Friday morning. Depending on which way the data goes, the market could sell off further or continue its bullish ride. If the market sells off, which stocks are flashing buy signals? To help me identify stocks to watch, I ran my StockCharts Technical Rank (SCTR) scan to identify which stocks were gaining technical strength.

My SCTR scan filtered 53 stocks and ETFs, which I sorted based on the universe (U) (the scan syntax is at the end of the article). I prefer to look at large-cap stocks and identify which ones are potential investing candidates. Going down Thursday’s list, the first stock that interested me was Cisco Systems (CSCO), mainly because of its simple and clear-looking chart.

Simplicity Attracts

The weekly chart of CSCO stock shows it reached a new all-time high on a relatively sharp upside move since the week of September 9. CSCO’s stock price is trading above its 5-week exponential moving average (EMA) and its 15-week simple moving average (SMA).

FIGURE 1. WEEKLY CHART OF CSCO STOCK. The SCTR score is just above 76, the stock price is trading above its 5-week EMA, and its RSI has crossed above 70. There’s no indication of a reversal in the uptrend.Chart source: StockCharts.com. For educational purposes.

The SCTR score has crossed above the 76 threshold, and its relative strength index (RSI) is just above 70. From the data in the Symbol Summary page for CSCO, the stock is up 29.29% over one year. These are all indications that the price action in CSCO stock remains bullish.

Let’s now examine the daily chart of CSCO stock to determine whether it is worth buying and what the ideal entry and exit points will be. The daily chart confirms the shorter-term trend is still up. The upward-sloping trendline coincides with the 21-day EMA, and trading volume is slightly increasing.

FIGURE 2. DAILY CHART OF CSCO STOCK. The stock has retained its uptrend bouncing off its 21-day EMA. CSCO is also outperforming the Nasdaq Composite slightly. The Full Stochastic oscillator indicates the stock is overbought.Chart source: StockCharts.com. For educational purposes.

CSCO’s performance shows it’s outperforming the Nasdaq Composite ($COMPQ) by 15.64% (see panel below CSCO stock price chart). The Full Stochastic oscillator shows the stock is overbought but, as you can see from past data, the oscillator can stay overbought for an extended period.

The Game Plan

CSCO may not be as glamorous as some of the other mega-cap tech stocks, but its path is a steady and slow uptrend. This may be the reason it’s outperforming the Nasdaq and possibly some of the other more volatile mega-cap stocks, such as NVIDIA Corp. (NVDA), Microsoft Corp. (MSFT), and Apple, Inc. (AAPL).

If CSCO’s price action continues grinding higher slowly and steadily, I would look for a pullback, which might be to the 21-day EMA or above. I’ll watch the market closely on Friday after the November NFP report is released to see if there’s a selloff or if market continues rising higher.

As long as the technicals stay in place for an uptrend, the stock is a buy. When any of the indicators no longer support the uptrend, you abandon the stock or do not even consider buying it.

Sometimes, as Bruce Lee would say, “Simplicity is the key to brilliance.”


The SCTR Scan

[country is US] and [sma(20,volume) > 100000] and [[SCTR.us.etf x 76] or [SCTR.large x 76] or [SCTR.us.etf x 78] or [SCTR.large x 78] or [SCTR.us.etf x 80] or [SCTR.large x 80]]

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has signed a term sheet with Sumitomo Metal Mining (TSE:5713) for a joint venture to advance the Winu copper-gold project in Western Australia.

The partnership, announced on Wednesday (December 4), seeks to develop both companies’ exploration initiatives.

Sumitomo will acquire a 30 percent equity stake in the Winu project for US$399 million, including an initial payment of US$195 million and US$204 million in deferred considerations tied to project milestones and other conditions.

Rio Tinto will retain a 70 percent interest and will remain the project’s managing partner.

The companies believe that Winu, which was discovered by Rio Tinto in 2017 near its Pilbara iron ore assets, has the potential for long-term growth and resource expansion. A prefeasibility study is scheduled for completion in 2025, and will look at an initial processing capacity of up to 10 million metric tons per year.

The partnership leaves room for further collaboration between Rio Tinto and Sumitomo through a letter of intent. Future opportunities to explore for copper, other base metals and lithium are a strong point of shared interest.

In its announcement, Rio Tinto also emphasizes its ongoing engagement with the Nyangumarta Traditional Owners, with negotiations for project agreements continuing as a priority. The company is also in ongoing collaboration with the Martu Traditional Owners on the Karlkayn airstrip, a related infrastructure project.

Also next year, an environmental review document is slated for submission under the Environmental Protection Authority’s environmental impact assessment process.

Rio Tinto and Sumitomo anticipate that definitive agreements for the Winu joint venture will be finalized in the first half of 2025, subject to regulatory approvals and customary conditions.

The companies are positioning themselves to address increasing demand for copper and gold.

The Winu plans also continue Rio Tinto’s approach of achieving a favorable position in the ongoing energy transition — the company recently announced plans to acquire Arcadium Lithium (NYSE:ALTM,ASX:LTM).

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Heading into 2025, he said he thinks the yellow metal will be the year’s best-performing asset.

‘I would have to take gold — and again, for me it’s the risk that if we go to US$107,000 on Bitcoin, let’s say, we could pull back to US$75,000 next year … that drawdown is a hefty drawdown of 30 percent or so at that point,’ he said.

Soloway sees potential downside for gold in the near term, with US$2,550 or even US$2,500 per ounce perhaps in the cards toward the end of 2024 or early in the new year. But for him that’s not a concern.

‘This is the kicker, right — gold is just pulling back and working off an overbought scenario,’ he explained during the conversation. ‘And so … what I want everyone to understand is that while short term there may be some weakness in gold, I think it still has a lot of upside to come in the coming year or two years — easily US$3,000.’

Looking at silver, Soloway said it’s trickier to gauge because it has both precious and industrial drivers.

‘What I’m expecting here in the next month or two is for silver to chop and then eventually break down and flush to about US$28 an ounce,’ he said. ‘And then once we get into that level, I think that’s where you start to nibble a little bit more on the silver trade looking for that next big move to the upside.’

As mentioned, he sees Bitcoin potentially rising as high as US$107,000 or US$108,000. That type of move would ‘ignite the bulls to the maximum,’ with a retreat to US$74,000 or US$75,000 possibly following.

Watch the interview above for more from Soloway on gold, silver and Bitcoin, as well as the overall market.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com