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California Rep. Ro Khanna, D-Calif., differentiated between the prolonged absences from the Senate of Sens. John Fetterman, D-Penn., and Dianne Feinstein, D-Calif., amid growing calls for Feinstein to resign, saying Feinstein has yet to solidify a return date while Fetterman has. 

‘[Sen. Feinstein] hasn’t been showing up and she has no intention. We don’t know if she’s even going to show up. She has no return date,’ Khanna told ‘Fox News Sunday’ host Shannon Bream. ‘In contrast, Senator Fetterman has said that he’s going to show back up on April 17. So, it’s one thing to take medical leave and come back. It’s another thing where you’re just not doing the job.’

Khanna made headlines last week for taking to Twitter to call for Feinstein’s resignation, writing, ‘We need to put the country ahead of personal loyalty,’ and saying she can ‘no longer fulfill her duties.’ 

Feinstein, 89, was hospitalized last month for shingles and has faced other health issues, including concerning reports related to her mental fitness. A recent statement from her office said she will continue to work from her home in San Francisco while also asking Senate Majority Leader Chuck Schumer, D-N.Y., ‘to ask the Senate to allow another Democratic senator to temporarily serve until I’m able to resume my committee work.’

Likewise, Fetterman checked himself into Walter Reed National Military Medical Center for clinical depression a little over a month after starting his six-year Senate term. He was later released from the hospital on March 31 after a six-week hospital stay and is expected to pick up his Senate responsibilities this coming week. 

‘The reality here is there’s the sense, ‘Well you need to have a deference to these senators who have served so long.’ How about a deference to the American people? How about an expectation that if you sign up to do one of these jobs, you show up?’ Khanna said Sunday. 

Fox News Digital reached out to Fetterman’s office for comment but did not hear back in time for publication. 

Most recently, Khanna again took to Twitter to respond to whether sexism was truly behind the calls for Feinstein’s resignation, saying it was instead ‘common sense.’

‘Or is it common sense? There is no job I know of where you can just continue to not show up and people think that’s perfectly fine. We live in a democracy. The people are the boss,’ Khanna wrote on Thursday. 

Former Speaker of the House Nancy Pelosi, D-Calif., recently suggested sexism was at play amid Feinstein’s resignations calls.

‘It’s interesting to me. I don’t know what political agendas are at work that are going after Sen. Feinstein in that way. I’ve never seen them go after a man who was sick in the Senate in that way,’ Pelosi told reporters Wednesday. 

A spokesperson for Pelosi told Fox News Digital that ‘Speaker Pelosi’s comment was not referencing any specific case, but commenting on the historic attitude.’

A number of individuals have already announced they will be running to replace Feinstein come her retirement in 2025, among them Rep. Barbara Lee, D-Calif., whom Khanna has already endorsed. When asked if his calls for Feinstein’s resignation were politically motivated, Khanna said they have nothing to do with the current race. 

‘This has nothing to do with the current race because a caretaker would solve that. This has to do with someone who is just not showing up,’ Khanna said. ‘And I said out loud what people have been saying in private, and this is how the Beltway works.’

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A  super PAC supporting Florida Gov. Ron DeSantis released its first-ever television ad attacking former President Donald Trump on Sunday, pushing back on Trump’s own aggression toward DeSantis.

Never Back Down PAC titled the ad ‘Fight Democrats, not Republicans,’ and went after Trump for his recent attacks on the popular Florida governor. Trump has recently dubbed DeSantis ‘Ron DeSanctimonious’ and has pushed the claim that he wants to dismantle Social Security.

‘Donald Trump is being attacked by a Democrat prosecutor in New York, so why is he spending millions attacking the Republican governor of Florida?’ the ad begins. ‘Trump is stealing pages from the Biden-Pelosi playbook, repeating lies about social security.’

The ad goes on to play a soundbyte from DeSantis saying he and other Republicans have no plans to ‘mess with’ social security. It then also plays a clip of Trump himself saying entitlements and social security would ‘at some point’ be on the table for changes.

‘Trump should fight Democrats, not lie about Governor DeSantis,’ the ad says. ‘What happened to Donald Trump?’

Trump’s camp responded sharply: ‘DeSantis is colluding with his globalist handlers to go full Never Trump in order to gaslight the people into thinking that Medicare and Social Security should be ripped away from hard-working Americans. President Trump has made it clear that he will always stand on the side of Americans, and protect benefits seniors worked for and paid for their entire lives,’ said spokesperson Steven Cheung.

While DeSantis has yet to announce a presidential run for 2024, he is widely considered a strong potential challenger to Trump for the Republican nomination.

Beyond Trump and DeSantis, major players in the GOP primary race include former South Carolina Gov. Nikki Haley, former Arkansas Gov. Asa Hutchinson, and former Vice President Mike Pence. Entrepreneur Vivek Ramaswamy has also formally entered the race, while former Secretary of State Mike Pompeo has said he does not plan to enter.

 

While Trump has held a relatively consistent lead over DeSantis in many polls, DeSantis world appears to be revving its engines in preparation for a widely-expected campaign announcement.

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Rep. Nancy Mace, R-S.C., said Sunday that Republicans need to stop burying their ‘heads in the sand’ and move more to the center on abortion if they want to start winning elections again.

During an appearance on ‘Fox News Sunday,’ Mace slammed any anti-abortion policies that don’t explicitly provide exceptions for rape and incest or fail to offer solutions for women seeking OBGYN care.

‘We need to find a middle ground on this issue, and I have a great pro-life voting record,’ she said. ‘But some of the stances we take and especially when it comes to rape and incest, protecting the life of the mother, it’s so extreme that middle, independent voters, right of center, left of center, they cannot support us.’

‘We’ve got 14 counties in South Carolina that don’t have a single OBGYN doctor,’ she continued. ‘So, if we’re going to ban abortion, what are we doing to make sure women have access to birth control? What are we doing about, how do we improve adoption services in our country? What about the kids that are not wanted? What about our foster care system? What about getting nurses that can treat women who need OBGYN care in those rural areas? What are we doing about getting birth control over the counter at pharmacies? There are a lot of things that we can do to protect life and not alienate the independent voter.’

Mace argued that American voters have dramatically shifted to the left on abortion since the Supreme Court’s overturning of Roe v. Wade.

‘We have not learned our lesson from the midterm election,’ she said. ‘We went mildly pro-choice to being a vast majority of voters being pro-choice after Roe v. Wade. It changed the entire electoral environment in ‘22.’

‘What I saw last year in the midterm elections, I saw us lose seats we should have won,’ she continued. ‘It feels like we’re burying our heads in the sand. And every time I stick my head out and I take a position, I take it very publicly. Republicans will call me privately and then I say, ‘Well, what bill can we do, do you want to do with me, what press conference?’ And then there’s silence. It’s crickets, and it’s tone deaf, and we’re afraid of the issue because we’re afraid of our base. But that’s not what the base is.’

Mace also responded to criticism from Susan B. Anthony Pro-Life America, which said the congresswoman ‘denounced certain protections for unborn children’ and gave her a ‘B’ rating.

‘I find it ironic that Susan B Anthony would attack me,’ Mace said. ‘I’m a victim of rape, I advocate for women who have been raped, and that organization will no longer talk to my office about pro-life legislation because I’m talking about birth control. I mean, some of these groups have gotten so over the top and extreme.’

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NYPD Commissioner Keechant Sewell admitted Sunday that people are ‘taking advantage’ of bail reform laws backed by Democrats in the state capital of Albany, while also lamenting that the ‘perception of feeling unsafe’ remains in the Big Apple despite the number of shootings and homicides being ‘down by the double digits.’

‘What do you say to those who still look at New York City as an unsafe hellscape where not only are the residents cowering in fear, but anyone who visits should cower,’ MSNBC host Jonathan Capehart asked the commissioner on ‘The Sunday Show.’

For the first quarter of 2022, New York City was down in five of the major crime categories, Sewell noted. 

‘The numbers mean one thing, but when we talk about the numbers, we have to understand that the numbers actually represent people, and that’s what matters,’ the commissioner said. ‘And if those people don’t feel safe in this city, that’s something we have to address as well. It’s not just a matter of making sure they are safe. It’s a matter of making sure they feel that safety as well. When people live in a safe city, they don’t think about it. When they feel as if though the city isn’t safe, that’s all they think about.’

‘And the mayor and I made sure that we took all of our partners to make sure that we address that perception, feeling of being unsafe,’ Sewell said. ‘And that’s not just the responsibility of the police department. That’s a responsibility for everyone. We say all the time that public safety is a shared responsibility. We work with social services, mental health professionals, the department of sanitation, because all of these things come into play when you’re making a city safe, and you’re making a city a place people feel they want to visit and work’ 

‘Bail reform is specifically mentioned by Republicans in this conversation. But your office is working to stem recidivism. Am I correct?’ Capehart asked. 

‘Recidivism is our focus. There are a limited number of people in this city that continue to commit a disproportionate number of crimes,’ Sewell said. ‘But I think when we talk about bail reform, we use that term, but it’s really criminal justice reform. There are a number of that legislation that present challenges for us and the criminal justice system in New York City as a whole. So while we are focused on recidivism, I have said over and over again that judges should have the ability to determine whether someone is a public safety threat, when they determine whether they should remand, set bail, or release.’

‘I think those reforms were well-meaning, but there are people taking advantage of those reforms, and it’s causing detriment to our city,’ the commissioner added. 

For the month of February 2023, overall index crime compared to February 2022 declined by 5.6% – driving a 0.4% reduction in overall index crime year-to-date compared to 2022, the NYPD said in a press release on March 3. February 2023 also saw the number of overall shooting incidents and murders in New York City both continue their week-over-week and month-over-month declines. Additionally, the number of hate crimes in New York City declined by 69% in February 2023 compared to the same period a year ago.

Citywide shooting incidents decreased in February by 14.7%, the NYPD said, further extending the double-digit declines of 2022 driven by steep reductions in the Bronx, Queens, and Northern Manhattan. Notably, the NYPD has driven a 10.5% decrease in citywide robberies in February 2023. 

‘We worked together with our partners, our DAs, our communities, our businesses to make sure we input precision policing to be able to go to the drivers of crime and those people who willingly commit crimes, who willingly possess illegal guns and use them against the people of this city,’ Sewell said. ‘So a number of things came into play. We have a gun violence strategies partnership. They meet every single day to go over the shootings and the arrests to be able to put forth the strongest cases possible for prosecution to be able to hold these people accountable, to be able to make sure they are suffering the consequences for their actions.’ 

New York City Mayor Eric Adams spoke of the crime rate in the Big Apple during a Friday appearance on CNN. The House Judiciary Committee is scheduled to hold a field hearing in New York on Monday led by Rep. Jim Jordan, R-Ohio. CNN host Don Lemon noted that the hearing is intended to focus on how Manhattan District Attorney Alvin Bragg’s policies have led to an increase in violent crime and dangerous communities for New York City residents. Bragg’s office is responsible for the indictment of former President Donald Trump.

‘New York City crime is really trending in the right direction. Shootings are down, homicides are down,’ Adams said in response. ‘We’re going up to the seven majors. If anything, he should be in a conversation with Police Commissioner Sewell to find out what we’re doing here. But this is really a charade, and it’s just unfortunate, during a time like this, they will use taxpayers dollars to host this charade.’

This post appeared first on FOX NEWS

Several female Democratic senators were put on the spot Sunday on whether Sen. Dianne Feinstein, D-Calif., should resign from the Senate amid her ongoing health issues, with Sen. Amy Klobuchar, D-Minn., saying time is running out for the 89-year-old to return.

Klobuchar said on ABC’s ‘This Week’ that Feinstein, who hasn’t voted since Feb. 16, ‘sure better’ return to the Senate in time for the vote to raise the debt ceiling this summer. 

‘In this case, we are going to need her vote on the Senate floor eventually,’ she said. ‘We have things like the debt ceiling coming up. But I think what we need to do is take her at her word, she’s recovering from shingles, and make sure she comes back. If this goes on month after month after month, then she’s going to have to make a decision with her family and her friends about what her future holds.’

‘Because this isn’t just about California. It’s also about the nation,’ she continued. ‘And we just can’t, with this one vote margin, and expect every other person to be there every single time. It’s going to become an issue as the months go by, but I’m taking her at her word that she’s going to return.’

Feinstein, who has served in the Senate for over 30 years, was hospitalized for shingles last month and has faced other health issues, including concerning reports related to her mental fitness. She had previously faced calls to resign prior to announcing her intention not to run for re-election earlier this year.

Reps. Ro Khanna, D-Calif., and Dean Phillips, D-Minn., have led the call for Feinstein to resign.

‘While she has had a lifetime of public service, it is obvious she can no longer fulfill her duties. Not speaking out undermines our credibility as elected representatives of the people,’ Khanna said last week.

‘Sen. Feinstein is a remarkable American whose contributions to our country are immeasurable,’ Phillips said. ‘But I believe it’s now a dereliction of duty to remain in the Senate and a dereliction of duty for those who agree to remain quiet,’ he wrote.

Meanwhile, Sen. Kirsten Gillibrand, D-NY., took a similar tone as former House Speaker Nancy Pelosi, D-Calif., in suggesting sexism was at play in the calls against Feinstein.

‘Her legacy and her depth of experience is valuable. And we have had so many senators who have had illnesses, whether it’s [Senate Minority Leader] Mitch McConnell’s illnesses, or senators who have had strokes. These are issues that – we’re human,’ Gillibrand said on CNN’s ‘State of the Union.’

‘And we believe that a senator should be able to make their own judgments about when they’re retiring and when they’re not, and they all deserve a chance to get better and come back to work,’ she said. ‘She’s a team player, and she’s an extraordinary member of the Senate. It’s her right. She was voted by her state to be senator for six years, she has the right, in my opinion, to decide when she steps down.’

Sen. Tammy Baldwin, D-Wis., said on NBC News’ ‘Meet the Press’ that ‘it’s up to Dianne Feinstein and her family to decide whether she wants to keep on serving.’

‘I certainly wish Sen. Feinstein well, and I’m pleased that she has made the decision to have a fill-in on her seat on the Judiciary Committee,’ Baldwin said. ‘I think that is really an important and responsible thing to do during her absence, because we have President Biden’s nominees waiting for hearings and votes, and we want to keep that moving. But I wish her well and hope she returns to the Senate very soon.’

Feinstein said in a statement Wednesday that she plans to temporarily step down from the Judiciary Committee.

‘When I was first diagnosed with shingles, I expected to return by the end of the March work period,’ Feinstein said. ‘Unfortunately, my return to Washington has been delayed due to continued complications related to my diagnosis.

‘I intend to return as soon as possible once my medical team advises that it’s safe for me to travel. In the meantime, I remain committed to the job and will continue to work from home in San Francisco.’ 

Fox News’ Brandon Gillespie contributed to this report.

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There is only one way to survive this market. Focus on strength. Ignore the intraday volatility. And always expect the unexpected.

The stock market remains in a stubborn trading pattern, with nearly equal measures of strength and relative weakness. On the one hand, many hedge funds remain short stocks. Their short-term options related plays create intraday volatility and perpetuate a general feeling of uncertainty.

On the other hand, value players are moving into certain sectors, especially after short-term bear raids knock them down. Their steady buying counters the hedge funds’ short-term trades, often creating intraday rallies. In between are bond traders betting on recession.

Combined, these influences are creating a frustrating narrow trading range with unpredictable intraday swings. Yet, as the Fed continues to talk tough on inflation and rate hike odds rose late in the week, in the real world, the economy is already showing signs of slowing. CPI is flattening, PPI may be rolling over, retail sales are slowing, commercial real estate is in trouble, and layoffs and joblessness claims are rising.

The Fed is Playing with Fire

The Fed is playing with fire as it plans for an almost certain 25-basis-point rate increase in the Fed Funds rate at its May 2-3 FOMC meeting.

Last week, in this space, I expressed concern about the unexpected decrease in jobs created by the private sector in the Southern region of the U.S. Here is a reprise of the regional ADP new-jobs-created numbers:

Northeast: 141,000Midwest: 132,000West: 95,000South: (-) 228,000

As I noted then, these numbers reflect a slowing in new job creations, with the reduction in the South sounding the alarm. 

I also noted that the Challenger Jobs Cut report and weekly jobs claim data from the Bureau of Labor Statistics (weekly jobless claims) were starting to suggest more weakness may lie ahead. Specifically, I noted that Challenger had reported 89,000+ job cuts for March, 270,000+ for the year. The West Coast was the biggest contributor. Here is the breakdown of Challenger’s numbers:

East: 13,638Midwest: 21,764West: 48,123South: 6,178

In conclusion:

New job listings are falling;New job creation is stalling;Layoffs are increasing; andThe number of people requesting unemployment insurance is on the rise.

What could possibly go wrong when the Fed raises rates in May?

Mortgage Activity Picks Up as Rates Fall; Watch Support Area for Homebuilders

The recent decline in bond yields, notwithstanding the reversal on 4/15/23 in response to hawkish Fed talk, has turned the housing market into a haven for interest rate stalkers. Every time bond yields fall, potential home buyers who are on the fence pounce on the lower rates. Over time, this will continue to fuel the bullish trend for homebuilders, especially in the Southern U.S. In the present, however, the bond market continues to bet on a recession as yields test the 3.5% area.

If the bond market is correct, the U.S. economy is heading for recession and the Federal Reserve will be pressed to lower interest rates. The Fed meets on May 2-3 and is now expected to raise rates 25 basis points. That is likely to increase volatility in bond yields.

Mortgage rates fell for the fifth straight week, following historical norms as the multi-year view of the relationship between bond yields (TNX) and mortgage rates (MORTGAGE) shows. Normally, this bullish scenario is also a positive for the price action in the Homebuilders Subsector Index (SPHB).

For now, however, the homebuilder sector remains in a consolidation pattern as traders await more definitive direction from the Fed on interest rates. Another Fed rate hike, which is possible at its May 2-3 FOMC meeting, would once again put a damper on mortgage rates and the stock market, including the homebuilders.

On the other hand, given what we’re seeing in relationship to bond yields and mortgage rates, a pause would likely boost homebuilder stocks. For now, the consolidation pattern is SPHB is not necessarily a sign of alarm, although a move below 1800 (the 50-day moving average) would be a very bearish development for the sector.

To view my homebuilder picks and how I’m trading the bond market, click here. For an in-depth comprehensive outlook on the homebuilder sector, click here.

Focusing on Strength

Investors with positions in the right sectors are outperforming the market. Here are two examples of what’s working and what’s not.

Commercial real estate is struggling. This is especially affecting the technology-rich areas of Silicon Valley and Austin, Texas, where vacancy rates are rising. Moreover, a negative divergence is developing between bond yields and real estate investment trusts.

Normally, lower bond yields are bullish for real estate investment trusts (REITs). But because of the office bust in the tech sector, loan defaults are piling up, vacancy rates are rising, and we’re just not seeing any signs of life in the REITs. You can see the action in the iShares U.S. Real Estate ETF (IYR) as it struggles below its 200-day moving average. That’s a sign that investors are bracing for even worse circumstances.

On the other hand, the oil stocks are attracting money. You can see the steady accumulation pattern in the Energy Select Sector SPDR ETF (XLE). Especially bullish is the recent uptick in On Balance Volume (OBV), which signals that buyers are building positions. A move above $90 would likely attract more money into XLE as momentum players begin to crowd in.

I recently recommended two energy options trades, which you can access with a FREE trial to Joe Duarte in the Money Options.com. In addition, I just wrote a comprehensive report on the oil market, which is available FREE of charge to members at my Buy me a Coffee page.

Breadth Holds Steady, Nasdaq Again Holds 13,000

Although prices gyrated wildly in a narrow range last week, the market’s breadth held up. Once again, the New York Stock Exchange Advance Decline line (NYAD) closed above its 50-day moving average and its long-term support line, the 200-day moving average. This is a positive.

The S&P 500 (SPX) also held up, despite short-term volatility closing above 4100. 4100-4200 is still an important resistance band. On Balance Volume (OBV) and Accumulation Distribution (ADI) remained constructive.

For its part, the Nasdaq 100 Index (NDX) also held above the important 13,000 area, which has becomes fairly reliable support. This remains bullish as it suggests money is now pouring into technology stocks. When tech stocks rally, they give the whole market a boost. Accumulation Distribution (ADI) and On Balance Volume (OBV) are very bullish for NDX.

The CBOE Volatility Index (VIX) broke to a new low and is now well below 20, a sign that the bears are throwing in the towel. This is also bullish.

When VIX rises ,stocks tend to fall, as rising put volume is a sign that market makers are selling stock index futures in order to hedge their put sales to the public. A fall in VIX is bullish, as it means less put option buying, and it eventually leads to call buying, which causes market makers to hedge by buying stock index futures. This raises the odds of higher stock prices.

The market’s liquidity retreated as the Eurodollar Index (XED) closed slightly below 94.75 on Fed hike expectations. A move above 95 will be a bullish development for sure. Usually, a stable or rising XED is very bullish for stocks. On the other hand, in the current environment, it’s more of a sign that fear is rising and investors are raising cash.

To get the latest up-to-date information on options trading, check out Options Trading for Dummies, now in its 4th Edition—Get Your Copy Now! Now also available in Audible audiobook format!

#1 New Release on Options Trading!

Good news! I’ve made my NYAD-Complexity – Chaos chart (featured on my YD5 videos) and a few other favorites public. You can find them here.

Joe Duarte

In The Money Options

Joe Duarte is a former money manager, an active trader, and a widely recognized independent stock market analyst since 1987. He is author of eight investment books, including the best-selling Trading Options for Dummies, rated a TOP Options Book for 2018 by Benzinga.com and now in its third edition, plus The Everything Investing in Your 20s and 30s Book and six other trading books.

The Everything Investing in Your 20s and 30s Book is available at Amazon and Barnes and Noble. It has also been recommended as a Washington Post Color of Money Book of the Month.

To receive Joe’s exclusive stock, option and ETF recommendations, in your mailbox every week visit https://joeduarteinthemoneyoptions.com/secure/order_email.asp.

There are plenty of reversing patterns in technical analysis, but my personal favorite is the combination of a weekly positive divergence and a bottoming head & shoulders pattern. The positive divergence captures the slowing downside momentum and the head & shoulders provides confirmation that prices are indeed turning up. Keep in mind that a downtrend is nothing more than a series of lower highs and lower lows. When a potential neckline forms in a bottoming head & shoulders, it suggests that a prior “lower high” is being tested. The executed breakout then confirms that a new uptrend is underway.

During 2022, the worst-performing sector was communication services (XLC), the home of internet stocks ($DJUSNS), among others. Higher interest rates reduced the value of future earnings and earnings growth, but we’re now seeing interest rates come down. As a result, the XLC is on the verge of a beautiful reversing pattern and potential breakout. Check this out:

The bottom panel shows the XLC leading the stock market higher in 2023. I expect this to continue and the above breakout would certainly add to that likelihood.

I’m following one communication services stock, in particular, that could explode higher if I’m correct about the XLC gaining ground throughout 2023. I’ll be writing about it in our free EB Digest newsletter on Monday morning. If you’re not already subscribed, simply CLICK HERE to provide your name and email address and we’ll get you set up and send along this stock. There is no credit card information required and you may unsubscribe at any time.

Happy trading!

Tom

The Indian equity markets extended their gains for the third week in a row; however, they have ended up getting a bit over-extended on the charts. All four trading sessions in the shortened week ended in gains; in fact, NIFTY has closed with gains for nine sessions in a row with VIX staying at one of its lowest levels seen in the recent past. The trading range remained narrow; the index moved in 244 points in the past four sessions. The markets have largely stayed bullish through the week; the benchmark index ended with a net gain of 228.85 points (+1.30%) on the weekly basis.

The coming week remains once again important; the INDIAVIX remains at one of the lowest levels seen in the recent past while it remained largely flat through the week. The NIFTY has attempted to move out of the small falling channel that it has formed for itself; it has also raised the support levels higher in the process. The Index has also crossed above the 20-Week MA which stands at 17789 by closing a notch above that point. The supports have been dragged higher at 17300 levels. The markets stare at some imminent corrective retracement after unabated up-move; the low levels of INDIAVIX will continue to stay a concern for the immediate short term.

Monday is likely to see a tepid start to the week. The levels of 18000 and 18180 will act as immediate resistance points; the supports come in a bit lower at 17500 and 17380 levels. The trading range for the coming week is expected to get wider again than usual.

The weekly RSI is 53.36; it continues to remain neutral and does not show any divergence against the price. The weekly MACD stays bearish and below its signal line. No major formation was seen on the Candles.

The pattern analysis of the weekly charts shows that the NIFTY has rebounded off the 100-Week MA after a minor violation of that level. The 100-Week MA presently stands at 17163. This point followed by the 50-Week MA which is placed at 17343 makes 17300-17100 a very important support zone for the markets in the near term.

The coming week needs to be approached with a heightened degree of caution. The markets have seen an unabated rise over the past nine sessions. On top of it, INDIAVIX stands at 11.91; this level remains one of the lowest levels seen in the recent past. Any spike in the VIX will leave traders exposed and vulnerable to violent profit-taking bouts from the current levels. From a technical standpoint, the markets remain due for some imminent corrective retracement; this makes any more upsides capped in nature.

Any up-move that we see from the current levels needs to be used for protection profits on the positions. From now on, emphasis must be placed on using the moves in the markets to book profits and take money off the table; mindlessly chasing the up moves is something that needs to be avoided. A highly cautious approach is advised for the coming week.

Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed

The analysis of Relative Rotation Graphs (RRG) shows that NIFTY Infrastructure, Midcap 100, and PSE index are placed inside the leading quadrant and they are expected to relatively outperform the broader markets. The AUTO, IT, and FMCG indices are also inside the leading quadrant but they appear to be taking a breather and giving up on their relative momentum.

Banknifty, PSU Bank, and Financial Services index are also inside the weakening quadrant. However, they are seen improving on their relative momentum against the broader markets.

NIFTY Commodities, Energy, Pharma, Media, and Metal Indices are seen in the lagging quadrant; they all appear to be trying to consolidate and put a potential base in place. The NIFTY Services sector index is also inside the lagging quadrant. All these groups are likely to relatively underperform the broader NIFTY500 Index.

The Consumption Index is inside the improving quadrant; the Realty Index is also seen rolling firmly inside the improving quadrant. These groups are likely to see resilient performance over the coming week.

Important Note: RRG™ charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  

Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

Urban Meyer has repeatedly downplayed talk of returning to coaching since he was fired during his disastrous 2021 season with the Jacksonville Jaguars in the NFL.

That hasn’t stopped speculation about whether he might be tempted to return to coaching in college.

On Thursday at Ohio State’s coaches clinic, Meyer said his coaching career is over.

This post appeared first on USA TODAY

The Tampa Bay Rays matched the longest season-opening winning streak in Major League Baseball’s modern era on Thursday with their 13th consecutive win to open the season. But that streak came to an end on Friday night following a 6-3 loss to the Blue Jays in Toronto. 

The Rays have overcome attrition, untimely injuries and deficits during their historic streak, but they couldn’t turn on the magic to come back on Friday after numerous walks and errors added up to their first loss of the season. 

Tampa Bay was down 1-0 early after George Springer launched a 440-foot, lead-off home run to left center off pitcher Drew Rasmussen in the bottom of the first inning. It could’ve been worse as the Blue Jays loaded the bases with one out after Bo Bichette and Daulton Varsho both singled and Matt Chapman walked. But Brandon Belt grounded into a double play to end the inning. 

The Blue Jays extended their lead to 2-0 in the bottom of the second after an error on a pickoff by catcher Christian Bethancourt allowed Kevin Kiermaier to get into scoring position. He then scored on Bichette’s ground rule double. 

The Rays got on the board in the top of the fourth after Brooks Raley’s single scored a run. 

Follow every game: Latest MLB Scores and Schedules

Rasmussen found himself in trouble again in the bottom of the fifth after two singles and a walk loaded the bases with no outs. Pitcher Colin Poche entered the game and walked in two straight runs and didn’t get help from his defense as an error by Brandon Lowe at second base put the Blue Jays up 6-1.

“Not much went our way tonight,” Rays manager Kevin Cash said.

The Rays cut the lead to 6-3 with homers from Josh Lowe and Bethancourt in the bottom of the seventh, but that’s all they could muster in the game. 

“Losing always sucks,” Brandon Lowe said. “There’s no loss that feels any worse or any better than any other ones. You kind of put them all in the same kind of category, you know? Every win is great. Every loss is terrible.”   

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