Market Pulse on July 2nd

Olivier Rigot, EMC Gestion de Fortune

1 minute de lecture

S&P 500 3130,01 +14,15.

The stock market cheered at the opening the employment report although, scratching behind the surface, it is not that rosy and the recent outbreak of the coronavirus may dampen the fragile process of rehiring. The market came back late in the session before a long week-end. Breadth closed higher: 2539 stocks advanced compared to 1323 that settled down. Options traders are still fairly eager to buy calls. The weekly survey among professional portfolio managers points out to a slight decline of positive views of the future direction of the stock market. We continue to look closely to the evolution of the Dow Jones Transport Index as a leading indicator in the context of restriction of travel between states and outside the country. We also notice that the banking stocks are coming back to the lows of the year, meaning that their credit portfolios may suffer. The SKEW index is back where it stood before the crisis as one of our trading sentiment, this means that market participants feel complacent, a warning sign.

Very short term oscillator Positive +
Short term oscillator Positive +
RVI trend Positive +
Trend short term (5 days) Up
Trend mid term (8 days) Up
Differential of trends Down
Risk profile 69 (scale of 1 (low risk) to 100 (high risk))

 

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