Materials sector retesting important level
Materials sector (XLB US) is retesting April 2022 resistance downtrend level. Keep an eye at this level for breakout confirmation. Source : Bloomberg
SMI Index on lower end of trend channel
SMI Index (SMI) is testing the lower end of September 2022 bullish trend channel. Will market have enough strenght to rebound from here ? Next support levels are 10'850 and 10'600. Source : Bloomberg
Chevron breakout ?
Chevron (CVX US) is trying to breakout of massive triangle pattern. Will it be able to break ? Keep an eye on volume. Source : Bloomberg
The biggest money in investing comes from patience and time
Your biggest edge as an individual investor comes from ignoring short-term fluctuations and playing the long game. Source: Peter Mallouk, Charlie Bilello
US average mortgage rates just surged above 7.5% for the first time in 23 years
There are some reasons why US house prices haven’t crashed: 1. Buyers can’t afford the rates; 2. Sellers would be insane to sell a home with a significantly lower rate to buy another at 7.5%. Market is frozen. The economy is currently experiencing a significant tightening of financial conditions, largely driven by the persisting fragility in the Treasury market. The bill will come due at some point. Source: Crescat Capital, The Wolf of All Streets
Nestle on the lower end of the channel
Nestle (NESN SW) is once again testing the lower end of the channel around 104. Will it rebound like the last times ? Source : Bloomberg
Microsoft approaching support 316
Microsoft (MSFT US) continues it's consolidation since mid July. It's now approaching important support level at 316. That level was March 2022 high and May 2023 breakout level. Keep an eye at that level. Source : Bloomberg
S&P 500 Index approaching support zone 4448-4458
S&P 500 Index (SPX) is approaching strong support zone 4'448-4'458. Keep an eye at that level. If that level breaks, next major support is 4'325. Source : Bloomberg
