Stocks halted their 2-day slide, as investors gear up for a wave of earnings reports. It has been a bumpy ride for traders over the last couple of weeks with larger moves and reversals as volatility ratchets up. The S&P 500 couldn't surge past resistance and remains in a volatile short-term trading range of around 4,400.
This Week on Wall Street - Week of October 16th
Market Commentary
Stocks halted their 2-day slide, as investors gear up for a wave of earnings reports. It has been a bumpy ride for traders over the last couple of weeks with larger moves and reversals as volatility ratchets up. The S&P 500 couldn't surge past resistance and remains in a volatile short-term trading range of around 4,400.
Newton scores are showing improvement from depressed levels as Foreign Developed notches the highest score. Large caps look better relatively than small caps. Financials and Industrials are interestingly screening out with relative strength as Consumer Defensives lag.
On the economic front: We are getting a tidal wave of Fed Speak as each President will offer their opinion on where interest rates will go and how the economy will fare. Thursday is the most notable as the Chairman of the Federal Reserve, Jerome Powell, speaks.
Economic Releases This Week
Monday: Empire State Manufacturing Survey, Philadelphia Fed President Harker Speaks
Tuesday: US Retail Sales, Industrial Production, Fed Gov. Bowman Speaks, Homebuilder Confidence Index, Richmond Fed President Barkin Speaks, Minneapolis Fed President Kashkari Speaks
Wednesday: Housing Starts, Building Permits, Fed Gov. Waller Speaks, New York Fed President Williams Speaks, Fed Beige Book
Thursday: Initial & Continuing Jobless Claims, Philadelphia Fed Manufacturing Survey, Existing Home Sales, US Leading Economic Indicators, Fed Chairman Powell Speaks, Chicago Fed President Goolsbee Speaks, Atlanta Fed President Bostic Speaks, Dallas Fed President Logan Speaks
Friday: Cleveland Fed President Mester Speaks
Stories to Start Your Week
President Biden is considering a possible visit to Israel this week amid the war with Hamas.
Rite Aid has filed for bankruptcy protection and plans to sell part of its business as it deals with losses and opioid-related lawsuits.
Taylor Swift's Era Tour concert film set a record, delivering nearly $100 million during its opening weekend.
US Treasury Secretary Janet Yellen said the country can "absolutely" afford to financially support both Israel and Ukraine in their respective war efforts.
Apple's iPhone has officially been dethroned from its position as the smartphone market share leader in China.
What is Newton?
Our 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.
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.