Stock Market Update -Sep 20

More selling this week, with the Nasdaq 100 now down around 13% from the Sep 2 highs.  Looking even more like a bad September now, though we could see a relief rally next week.  Possibly some of the selling could be attributed to the recent massive increase in Call Option activity leading up to the quarterly expiration on Friday! Some blame the Fed after Wednesday's meeting, though the selling really started the week prior.  The charts however showed us to be in overbought RSI territory, for the first time since the prior June 8th top, so the  'caution' yellow flag was out!

'If' the current pattern plays out, we'll see further selling down to a lower support level, maybe with rallies along the way.

Gold was flat, while Oil rallied.  Bonds were flat. 


What was up this week:  

What was down this week: 

Coronavirus live updates   Coronavirus maps




S&P 500 March market crash V recovery (chart) ...Dropped again
Now solidly below the 20MA blue line


High yield Corporate Bonds (HYG)  (2yr chart) -still hanging in near the top 
Investment grade Corporate Bonds (LQD)  (2yr chart) -ditto



Market concerns:  Coronavirus... Unemployment? 
Pops:   FDX, DKNG
Drops:   

Over $26 Trillion in debt!  See Debt Clock on the left, or here... 

I remember in 2008 when the Times Square clock had to be modified to fit $10 trillion, from 9.9!




New all time highs:   DG, DE, DKNG, PENN, Z & lots of names I never heard of!
Options watch:   S&P 500 Implied Volatility  (CBOE VIX) -still low, despite the selling!
ETFs SPY, IWM, QQQ, GLD, GDX, USO, XOP, VXX, XLF, XLE, FXI, EEM EWZ, 

Stocks AAPL, AMD, BAC, BABA, DIS, FB, MU, NFLX, NVDA, TSLA...


Next week:    
MTWTF
EARNING:
AZO, NKE, GIS, , , COST, 
Events:





This week's charts:



Most of the high fliers now below the 50MA


$NYA -NYSE Composite  -pulling back with the rest of the market/below the 20MA
 (IWM)   Small-caps -ditto


Links...
10yr Interest Rates  -still veery low
Gold was up a bit, closing  around 1957 -still under 2000!!
The US Dollar was flat, closing near 93.01
The 30 year Bond was down a bit, closing near 175.97

News:



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