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Scrap Shredded Scrap Idx (FSPAUSY46.CM)
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Scrap Shredded Scrap Idx Futures Market News and Commentary

Stocks Push Higher on Strength in Chip Stocks

What you need to know…

The S&P 500 Index ($SPX) (SPY) today is up +0.07%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.43%.

Stocks this morning are modestly higher, with the Dow Jones Industrials posting a 1-3/4 year high and the Nasdaq 100 posting a 1-week high.  The broader market is wavering ahead of Tuesday’s U.S. consumer price report and the Tue/Wed FOMC meeting results.  U.S. Nov CPI is expected to ease to +3.1% y/y from +3.2% y/y in Oct, while Nov CPI ex-food and energy is expected to remain unchanged at +4.0% y/y. 

The markets will look to the results of this week’s central bank meetings from the Fed, ECB, and BOE to see if policymakers support pausing their interest rate hike campaigns and when they may begin to pivot to easier policies. 

Strength in chip stocks is boosting the technology sector and the overall market after Bloomberg Intelligence said that with a bottom confirmed across... Read more

Price Performance

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Period Period Low Period High Performance
1-Month
7.3467 +8.08%
on 08/08/22
7.9400 unch
on 09/06/22
+0.5933 (+8.08%)
since 08/05/22
3-Month
6.5160 +21.85%
on 07/18/22
11.5000 -30.96%
on 06/29/22
-2.1754 (-21.51%)
since 06/06/22
52-Week
6.5160 +21.85%
on 07/18/22
11.5000 -30.96%
on 06/29/22
+0.3874 (+5.13%)
since 09/03/21

Benchmark National Price Indexes

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 56% Sell with a Weakening short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

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Key Turning Points

3rd Resistance Point 7.9400
2nd Resistance Point 7.9400
1st Resistance Point 7.9400
Last Price 7.9400
1st Support Level 7.9400
2nd Support Level 7.9400
3rd Support Level 7.9400

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52-Week High 11.5000
Fibonacci 61.8% 9.5961
Fibonacci 50% 9.0080
Fibonacci 38.2% 8.4199
Last Price 7.9400
52-Week Low 6.5160

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