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HomeBusinessWeekend Inventory Market Outlook – October 15 2023 Receive US

Weekend Inventory Market Outlook – October 15 2023 Receive US

Inventory Market Outlook coming into the Week of October fifteenth = Downtrend

  • ADX Directional Indicators: Downtrend
  • Worth & Quantity Indicators: Blended
  • Elliott Wave Evaluation: Blended

ANALYSIS
The inventory market outlook stays in a downtrend, regardless of final week’s bullish transfer.

The S&P500 ($SPX) rose 0.4% final week.  The index discovered resistance on the 50-day final week, after discovering assist on the 200-day shifting common two weeks again.  As of Friday’s shut, the SPX was ~2% under the 50-day and ~2.5% above the 200 day shifting averages.

SPX Worth & Quantity Chart for the Week of Oct 15 2023

The ADX directional indicators begins the week in a bearish development, after briefly reversing midweek.

Worth/quantity stays combined, ready for value to recuperate the 50-day shifting common.  That mentioned, 3 distribution days after the beginning of the rally, isn’t nice technique to begin a rally.

Technical analysis of daily SPX prices

SPX Elliott Wave Evaluation for the Week of Oct 15 2023 – Bearish Rely

Elliott Wave evaluation appropriately anticipated final week’s bounce. The index exceeded the August 18th low, which did alter the waves counts barely.  Nonetheless, the EW sign stays combined, with the SPX pinned between the 13 and 34 day shifting averages, the RSI(5) coming off overbought ranges, and the MACD displaying a bullish cross-over.

The bearish rely stays in play except the SPX breaks resistance at 4430 (Sept 7).

Technical analysis of daily SPX prices

SPX Elliott Wave Evaluation for the Week of Oct 15 2023 – Bullish Rely

The bullish view takes reveals the primary wave of a Minor 5 in progress, which is supported by a optimistic MACD cross-over.  Help stage is final week’s low of 4216.

COMMENTARY
September PPI was larger than anticipated, and Augusts numbers had been revised larger(!). In the meantime, CPI was was combined; headline was barely larger, core was barely decrease.

  • Headline = +3.7% y/y vs. +3.67% y/y final month
  • Core = +4.1% y/y vs. +4.3% y/y final month

This week we’ve obtained Retail Gross sales on Tuesday, Housing knowledge Wednesday and Thursday, plus a bunch of Fed speeches.  Final however not least, extra EARNINGS!

No submit subsequent week; search for an replace on October 22.

Finest to Your Week!

P.S. In the event you discover this analysis useful, please inform a pal.
In the event you don’t, inform an enemy.

Sources: Bloomberg, CNBC, Federal Reserve Financial institution of St. Louis, Hedgeye, Stockcharts.com, U.S. Bureau of Financial Evaluation, U.S. Bureau of Labor Statistics

Make investments Safely, LLC is an impartial funding analysis and on-line monetary media firm.  Use of Make investments Safely, LLC and some other merchandise obtainable by invest-safely.com is topic to our Phrases of Service and Privateness Coverage.
Not a advice to purchase or promote any safety.


#Weekend #Inventory #Market #Outlook #October

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