ChartPros Market Insights

As you and many other traders with ambitious income goals may have recently noticed several equities and indexes are at or near their all time highs (ATH). 

Today we'll take another look at the Nasdaq 100 futures index (/NQ) in an attempt to answer the question "where could price be heading."

To help us, we recently dusted off and pulled from our vault a previous FREE Market Insights Briefing titled "All Time Highs - to trade or not trade."

After shrinking its position in the first and second quarters earlier this year, Warren Buffet's Berkshire Hathaway sold out of its stake in Celanese during the third quarter. The position was established in the first quarter of 2022. 

Celanese has been in the headlines recently for other reasons.

See why.

Once again the S&P 500 (/ES) is our chart of the day ahead of the final scheduled news catalyst for 2023 - the FOMC Statement and follow up press conference with Fed Chair Jerome Powell starting at 2pm eastern today.

Last FOMC Day the S&P 500 futures (ticker /ES) initially spiked up 15 points, spiked down 20 points, then surged 45 points all in the 2hrs after the FOMC statement and follow up press conference.

Be prepared for similar volatility this afternoon... before then anticipate potential choppy or sideways price action.

The United States Oil Fund® LP (USO) is an exchange-traded security whose shares may be purchased and sold on the NYSE Arca. USO’s investment objective is for the daily changes, in percentage terms, of its shares’ net asset value (NAV) to reflect the daily changes, in percentage terms, of the spot price of light sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the Benchmark Oil Futures Contract.

Now that we've defined what the investment vehicle is let's take a look at its chart.

The silver market refers to the buying and selling of silver as a commodity or an investment asset. In the global market, silver is traded in various forms, including physical silver bars and coins, silver futures contracts, and silver exchange-traded funds (ETFs).

Today we'll take a look at the Silver futures market.

It's no secret that the Wall St. bulls have been large and in charge the past several weeks.  With two key news events upcoming this week can the trend continue?

Inflation related news is slated for Tuesday 8:30am eastern and the FOMC statement announcing whether interest rates will go up, down, or remain the same is set for Wednesday at 2pm eastern.

As the year draws to a close, investors' eyes start sparkling with anticipation for a phenomenon known as the "Santa Claus Rally". This is a compelling, historical market pattern that seems to bring the gift of favorable returns to the stock market.

But is it a reliable trend and did Santa come early this year?

Let's unwrap this intriguing concept, its potential causes, and its correlation with interest rates.

Boeing (BA) looks like it could be set to take off and potentially gain some altitude (pun intended)...

On the monthly chart, from a price action technical analysis perspective, it sort of looks like price has been all over the place the last few years since making a $446.01 all time high (ATH) in 2019.

Trading around $240 earlier today price is teetering at a decision level of whether to break out or fade back to the downside.

Global fast food giant McDonald's (MCD) is making headlines today by announcing it's launching a new concept named CosMc’s, an Alien-Inspired Restaurant Serving Slushes To-Go... whatever that means.

Strategically, the company is positioning the new endeavor as a beverage focused multiple drive-through destination aiming to compete with Starbucks and other takeaway drink chains.  The new concept will have also have a limited food menu.

Well that's great and sounds dandy but we wanted to review the chart from a price action technical analysis perspective and cut through all the marketing hoopla.

Much has been posted about Johnson and Johnson (JNJ) the past few weeks as it was recently disclosed that Berkshire Hathaway exited their estimated $54M position in the company as of September 30, 2023.

So we wanted to analyze the chart to see if we could determine why Warren Buffet, often referred to as the Oracle of Omaha, decided to make this move.

Starbucks (SBUX) is making headlines this week for making 12 consecutive down days losing X dollars of market cap and blah blah blah as the stories go...

When we looked at their chart back on June 15, 2023 price was trading around $101.  Today it's hovering around $96. 

So what's the big deal?

Streaming music provider Spotify (SPOT) announced it plans to lay off 17% (roughly 1,500) of its employees in a third round of layoffs this year.  Its stock price rose around 9% higher in early trading on Monday following the news.

Typically we like to review charts with much more historical price action than a chart like this but given its short existence the chart is already exhibiting normal type price behavior.

The stock of home builder D.R. Horton, Inc. (DHI) has risen over 20% in the past month in spite of rising interest rates that have deterred some home owners from moving this year.

So we wanted to take a look at the company's chart from a price action technical analysis perspective.