The Dow Jones Industrial Average, NASDAQ 100 and S&P 100 moved higher for the week.
The 14-day choppiness index for the NASDAQ moved from 48 to 39 while the S&P 100 moved from 51 to 39. This index ranges from 0 to 100, and the lower it goes the more a trend is evolving. The higher the choppiness index moves, the more a new trend may be starting. Usually, above 65 is where new trends begin and below 40 is where they mature.
The NASDAQ 100 and the S&P 100 indices remain below their weekly DMA Channels. We note our Erlanger Big Barf Indicator (EBB) on a daily basis moved from 9.61 to 10.47. The weekly EBB remains above 0 as does the monthly EBB.
The top five areas facing the market in this trading week are:
1. Geopolitical Events. On Tuesday Federal Reserve Chicago President Evans will speak at a NABE event. On Thursday Federal Reserve New York President Dudley will speak in London.
2. Economic Releases. Releases of note this week other than the weekly oil/gas numbers and jobless claims include retail sales and University of Michigan Sentiment Survey.
3. Earnings Releases. Fourth Quarter Earnings season continues this week. Notable releases (in order of day’s reporting with Tuesday first) – HRB TIVO KR NAV CTAS AEO GG PLL ANN HIBB. See the earnings section.
4. Conferences. Bank of America Merrill Lynch Consumer Conference, Citi Financial Services Conference, Cowen & Company Healthcare Conference, Credit Suisse Communication Equipment and Networking Conference, Credit Suisse Group Global Media and Communication Conference, Jefferies Global Technology Conference, J.P. Morgan Aviation Transportation and Defense Conference as well as the Raymond James Institutional Conference among those being held. See the conferences section.
5. Company, Analyst and Regulatory Meetings. To view our Type 1 Short Squeezes and Type 4 Long Squeezes that present at meetings this week, simply review each day.
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