Euclid Investment Advisory Blog

Review & Analysis at Close October 24, 2022

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Equities
US markets and Europe rose today and for the week. China dropped almost 10% today. All markets remain in their strategic long-term downtrends. Daily charts show short-term promise: the S&P 500, Russell 2000, NASDAQ Composite and Europe have signaled value zone buys for swing traders. For last five days, Energy rose 7.5%, Tech +4.7%, Industrial +3.8%; Consumer Discretionary +1.6%, Utilities 0.61% and Real Estate lost 1.08%. Weekly Market Breadth indicators improved having moved off the bottoms of their respective ranges. VIX fell for the week closing at a still elevated 29.85.

 

Fixed Income
The 10-year US Treasury Yield fell slightly today to 4.234%, down from last week's peak of 4.333%. The rate's rise looks to pause or pull back here.

The 2-year US Treasury Yield fell slightly today to 4.50%, down from last week's peak of 4.62%. The 2-year yields rise remains parabolic.

The 10-2 year Yield Curve remains inverted, with its spread narrowing to -0.25 in a sideways channel.


Currencies
Currencies vs. US Dollar: The Australian Dollar, the British Pound and the Euro bounced up from oversold but continue Bearish trends vs. US Dollar. The Yen, in a downtrend, weakened further.

The bullish US Dollar pulled back to 111.91 from very overbought and remains in a long-term uptrend.

Gold remains in a Bearish trend. Base Metals and Copper remain in Bearish trends as is West Texas Light Crude Oil, closing at $84.58.

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