We are seeing some strength start to build out of risk on markets after hitting short-term oversold readings. Investors will be clued into the labor market's strength as the jobs report comes out on Friday.
This Week on Wall Street - Week of March 6th
Market Commentary
We are seeing some strength start to build out of risk on markets after hitting short-term oversold readings. Investors will be clued into the labor market's strength as the jobs report comes out on Friday.
We ended the week with aggressive buying action, putting us back above 4,000 on the index level. Traders will be watching Jerome Powell testify this week for any clued on how much further the Fed will go on the tightening front.
Among sectors, we are seeing strength in Materials, Communications, and Technology while Utilities, Staples, and Health Care are grading out the weakest. Picking names with relative strength within sectors has remained the dominant and most effective strategy.
What is Newton?
r Newton model attempts to determine the highest probability of future price direction by using advanced algorithmic and high-order mathematical techniques on the current market environment to identify trends in underlying security prices. The Newton model scores securities over multiple time periods on a scale of 0-20 with 0 being the worst and 20 being the best possible score. Trend & level both matter.
Economic Releases This Week
Monday: Factory Orders
Tuesday: Consumer Credit, Wholesale Inventories, Powell Testifies to Senate
Wednesday: ADP Employment, US Trade Balance, Powell Testifies to House, JOLTS, Beige Book
Thursday: Initial & Continuing Jobless Claims
Friday: Jobs Report
Technical trading models are mathematically driven based upon historical data and trends of domestic and foreign market trading activity, including various industry and sector trading statistics within such markets. Technical trading models, through mathematical algorithms, attempt to identify when markets are likely to increase or decrease and identify appropriate entry and exit points. The primary risk of technical trading models is that historical trends and past performance cannot predict future trends and there is no assurance that the mathematical algorithms employed are designed properly, updated with new data, and can accurately predict future market, industry and sector performance.