Euclid Investment Advisory Blog

Review & Analysis at Close September 12, 2022


US Markets ended three weeks of declines September 7, reversing upwards, short-term, from oversold conditions. The S&P 500 declined about 62% of its rise from its June low to its August 16 high. VIX closed today at 23.9.

At today's close, the S&P 500 has risen about 38% of its decline from its August 16 high. Our measurements indicate revived selling can occur as the S&P 500 nears the 4100 - 4200 range. A move above would signal a further rally.

All sectors had weekly gains. Leaders: Consumer Discretionary rose +7.15%, Gold Miners +6.9%; Tech rose 4.8%. Laggards were Energy +2.6%, Staples +1.7%.

Fixed Income
The10 year US Treasury Yield closed at 3.362%, from last week's 3.340%. Its short-term trend remains up, closing at 3.58%, above its June 14th high of 3.483%.

The 2-year US Treasury closed at 3.58% vs. 3.40%. The 2-yr yield appears to be forming a Top as its upward momentum is waning.

The 10-2 year Yield curve remains inverted; its negative spread closed virtually unchanged at -0.21.

Currencies vs. US Dollar: The Euro, in a Bearish trend, closed at 1.006 vs. 0.993 last week and appears attempting to make a bottom.

The bullish US Dollar closed 108.32 vs. 109.51 last week; despite the short-term pullback, its long-term uptrend remains.

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