Stock Market Outlook – Overbought Wins Out – Intraday Chart Analysis for Morning of Mar 23 2016

For FullyInformed Members here is the Stock Market Outlook intraday chart analysis to 11:50 AM March 23 2016.

Stock Market Outlook – Morning March 23 2016

The rising US dollar this morning is placing pressuring on gold prices and oil prices. That combined with yesterday’s report showing previously owned home sales dropped 7.1 percent in February and today’s  housing report from the Commerce Department, which indicated home sales rose 2 percent but saw a drop in 3 regions is enough to place a little more risk on equities today.

The market has been unable to move higher and break through the important 2050 level. Nike sales while good did not meet analysts estimates and that has investors rethinking a higher push in equity prices in general. In other words, it is am opportunity to take profits.

Stock Market Outlook – Chart To 11:50 AM

The SPX chart to 11:50 this morning shows the pressure on the market as the S&P slips below the 2040 level. The inability to break through 2050, combined with everything from disappointment over Nike earnings to news reports of dissension among Fed officials on a possible April interest rate hike, changes the investing landscape temporarily and has investors in a selling mood.

Momentum this morning though is not building strength to the downside. What we are seeing is primarily profit taking.

Stock market outlook - morning Mar 23 2016

Stock market outlook – morning Mar 23 2016

This remainder of the stock market outlook intraday chart analysis and trades discussion article this morning is for FullyInformed Members.

Stock Market Outlook – Morning Intraday Chart Analysis – Mar 23 2016

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Disclaimer: There are risks involved in all investment strategies and investors can and do lose capital. Trade at your own risk. Stocks, options and investing are risky and can result in considerable losses. None of the strategies, stocks or information discussed and presented are financial or trading advice or recommendations. Everything presented and discussed are the author’s own trade ideas and opinions which the author may or may not enter into. The author assumes no liability for topics, ideas, errors, omissions, content and external links and trades done or not done. The author may or may not enter the trades mentioned. Some positions in mentioned stocks may already be held or are being adjusted.

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