Euclid Investment Advisory Blog

Review & Analysis at Close October 17, 2022


US markets, Europe and China gained ground today after last week's flip-flop. Despite today's rally, their strategic long-term trends continue down. Daily charts show short-term promise: the S&P 500, Russell 2000, and Europe have entered buy zones for swing traders; Nasdaq Composite is on the verge. For last five days, Financials rose 3.38%, Health Care +3.32%, Real Estate +2.61%; Consumer Discretionary +0.70%, Materials 0.39%, Utilities -0.66%. The Weekly Market Breadth indicators improved somewhat, moving off the bottoms of their respective ranges. The VIX fell, closing at a still elevated 31.37.

Fixed Income
The 10-year US Treasury Yield fell slightly today to 40.15%, down from last week's peak of 4.80%. The rate rise looks to pause here. The 2-year US Treasury Yield fell slightly today to 4.45%, down from last week's peak of 4.48%. The 2-year yields rise remains parabolic.

The 10-2 year Yield Curve remains inverted, with its spread flopping between -0.50 and -0.40 or moving sideways.

Currencies vs. US Dollar: The Australian Dollar, British Pound, Japanese Yen and the Euro all bounced up from being oversold but continue Bearish trends vs. US Dollar. The bullish US Dollar pulled back from very overbought and remains in a long-term uptrend.

Gold remains in a Bearish trend. Base Metals, Copper made double bottoms. West Texas Light Crude Oil flipped to Bearish.

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