FXStreet reports that analysts at Natixis estimate that the US stock market index is almost at its equilibrium level, but that the eurozone index is still 20% below its equilibrium level.
“In the medium-term, the share of money in wealth must remain stable, equal to its optimal share. This means that total wealth increases in line with the money supply and that share prices rise in line with the money supply.”
“We see that the proportionality between the money supply, wealth and the stock market index implies in the United States, that equilibrium wealth is currently 21% higher than actual wealth and the equilibrium share price (S&P 500) is 3% higher than the actual share price and in the eurozone, that equilibrium wealth is currently 26% higher than actual wealth and the equilibrium share price (EuroStoxx) is 20% higher than the actual share price.”
U.S. stock-index futures rose on Monday as another encouraging vaccine update fueled hopes for a quick economic recovery next year.
Global Stocks:
Index/commodity | Last | Today's Change, points | Today's Change, % |
Nikkei | - | - | - |
Hang Seng | 26,486.20 | +34.66 | +0.13% |
Shanghai | 3,414.49 | +36.76 | +1.09% |
S&P/ASX | 6,561.60 | +22.40 | +0.34% |
FTSE | 6,340.95 | -10.50 | -0.17% |
CAC | 5,521.32 | +25.43 | +0.46% |
DAX | 13,207.83 | +70.58 | +0.54% |
Crude oil | $42.88 | +1.08% | |
Gold | $1,865.70 | -0.36% |
FXStreet reports that analysts at Credit Suisse note that S&P 500 ideally holds support at 3542/37 for an eventual break above 3629 for the completion of a bullish “pennant” pattern to reinforce the existing and larger bullish “triangle” pattern.
“Resistance stays seen at 3585/89 initially, then the near-term downtrend at 3611. Above 3629 remains needed to clear the way for a retest of the current high at 3645, then trend resistance from February, now at 3672, with fresh sellers expected here for now. Through this latter level is needed to inject momentum to the rally with resistance then seen at 3700 next, then 3765. “
“Below 3542/37 would warn of a retreat back to 3519/09, but with fresh buyers expected here.”
(company / ticker / price / change ($/%) / volume)
3M Co | MMM | 173.2 | 0.31(0.18%) | 4180 |
ALCOA INC. | AA | 19.27 | 0.45(2.39%) | 11580 |
ALTRIA GROUP INC. | MO | 40.15 | 0.21(0.53%) | 21402 |
Amazon.com Inc., NASDAQ | AMZN | 3,112.00 | 12.60(0.41%) | 75653 |
American Express Co | AXP | 114 | 1.42(1.26%) | 3827 |
AMERICAN INTERNATIONAL GROUP | AIG | 39.03 | 0.42(1.09%) | 2099 |
Apple Inc. | AAPL | 117.33 | -0.01(-0.01%) | 767353 |
AT&T Inc | T | 28.49 | 0.17(0.60%) | 120043 |
Boeing Co | BA | 202.29 | 2.67(1.34%) | 354973 |
Chevron Corp | CVX | 87.1 | 1.31(1.53%) | 26484 |
Cisco Systems Inc | CSCO | 40.96 | -0.01(-0.02%) | 60585 |
Citigroup Inc., NYSE | C | 52.41 | 0.76(1.47%) | 70002 |
Deere & Company, NYSE | DE | 260.52 | 1.96(0.76%) | 1394 |
E. I. du Pont de Nemours and Co | DD | 62.58 | 0.03(0.05%) | 2665 |
Exxon Mobil Corp | XOM | 37.63 | 0.69(1.87%) | 139328 |
Facebook, Inc. | FB | 270.82 | 1.12(0.42%) | 80474 |
FedEx Corporation, NYSE | FDX | 279 | 2.31(0.83%) | 4630 |
Ford Motor Co. | F | 8.8 | 0.06(0.69%) | 464433 |
Freeport-McMoRan Copper & Gold Inc., NYSE | FCX | 21.44 | 0.19(0.89%) | 56271 |
General Electric Co | GE | 9.87 | 0.11(1.13%) | 757293 |
General Motors Company, NYSE | GM | 43.55 | 0.51(1.18%) | 70213 |
Goldman Sachs | GS | 226.05 | 2.70(1.21%) | 3701 |
Google Inc. | GOOG | 1,746.04 | 3.85(0.22%) | 5942 |
Hewlett-Packard Co. | HPQ | 20.66 | 0.21(1.03%) | 5227 |
Home Depot Inc | HD | 270.7 | 0.89(0.33%) | 8566 |
HONEYWELL INTERNATIONAL INC. | HON | 202.43 | 0.43(0.21%) | 726 |
Intel Corp | INTC | 45.51 | 0.12(0.25%) | 124324 |
International Business Machines Co... | IBM | 117.72 | 0.78(0.67%) | 8721 |
International Paper Company | IP | 49.88 | 0.45(0.91%) | 846 |
Johnson & Johnson | JNJ | 146.61 | 1.26(0.87%) | 32288 |
JPMorgan Chase and Co | JPM | 116 | 1.43(1.25%) | 37235 |
McDonald's Corp | MCD | 214.8 | 0.71(0.33%) | 2960 |
Merck & Co Inc | MRK | 81.52 | 1.07(1.33%) | 68640 |
Microsoft Corp | MSFT | 210.73 | 0.34(0.16%) | 155171 |
Nike | NKE | 133.6 | 0.62(0.47%) | 5246 |
Pfizer Inc | PFE | 37.07 | 0.37(1.01%) | 1042117 |
Procter & Gamble Co | PG | 139.67 | 0.37(0.27%) | 4221 |
Starbucks Corporation, NASDAQ | SBUX | 97.7 | 0.69(0.71%) | 6292 |
Tesla Motors, Inc., NASDAQ | TSLA | 499.9 | 10.29(2.10%) | 708382 |
The Coca-Cola Co | KO | 53.06 | 0.39(0.74%) | 21040 |
Travelers Companies Inc | TRV | 134.94 | 0.39(0.29%) | 301 |
Twitter, Inc., NYSE | TWTR | 44.96 | 0.28(0.63%) | 64710 |
UnitedHealth Group Inc | UNH | 337 | 2.30(0.69%) | 2721 |
Verizon Communications Inc | VZ | 60.25 | 0.21(0.35%) | 6894 |
Visa | V | 205 | 1.12(0.55%) | 12352 |
Wal-Mart Stores Inc | WMT | 151 | 0.76(0.51%) | 39314 |
Walt Disney Co | DIS | 142.43 | 1.36(0.96%) | 30882 |
Yandex N.V., NASDAQ | YNDX | 62.8 | 0.86(1.39%) | 16246 |
| Index | Change, points | Closed | Change, % |
|---|---|---|---|
| NIKKEI 225 | -106.97 | 25527.37 | -0.42 |
| Hang Seng | 94.57 | 26451.54 | 0.36 |
| KOSPI | 6.08 | 2553.5 | 0.24 |
| ASX 200 | -8 | 6539.2 | -0.12 |
| FTSE 100 | 17.1 | 6351.45 | 0.27 |
| DAX | 51.09 | 13137.25 | 0.39 |
| CAC 40 | 21.23 | 5495.89 | 0.39 |
| Dow Jones | -219.75 | 29263.48 | -0.75 |
| S&P 500 | -24.33 | 3557.54 | -0.68 |
| NASDAQ Composite | -49.74 | 11854.97 | -0.42 |