Conference Board's consumer sentiment index drops to 4-month low in December survey
A leading gauge of U.S. consumer confidence unexpectedly dropped in December to a four-month low, amid surging coronavirus cases that have recently propelled tighter restrictions in many states.
The Conference Board index fell to 88.6 in December, from a downwardly revised 92.9 in November. That figure is below the 97 expected in a Bloomberg survey of economists. The latest reading reflects survey responses through Dec. 14, and is well below pre-pandemic levels.
The current condition sub-index fell the most since April. However, the expectations sub-index rose from a four-year low.
The Conference Board latest survey results differ from the University of Michigan’s measure of U.S. consumer sentiment that increased in early December to the second-highest level since March.
SPY sees MACD Histogram just turned negative
SPY saw its Moving Average Convergence Divergence Histogram (MACD) turn negative on December 10, 2024. This is a bearish signal that suggests the stock could decline going forward. Tickeron's A.I.dvisor looked at 51 instances where the indicator turned negative. In of the 51 cases the stock moved lower in the days that followed. This puts the odds of a downward move at .
Technical Analysis (Indicators)
Bearish Trend Analysis
The 10-day RSI Indicator for SPY moved out of overbought territory on December 09, 2024. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 46 similar instances where the indicator moved out of overbought territory. In of the 46 cases, the stock moved lower in the following days. This puts the odds of a move lower at .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where SPY declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
Bullish Trend Analysis
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. of 42 cases where SPY's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Momentum Indicator moved above the 0 level on December 24, 2024. You may want to consider a long position or call options on SPY as a result. In of 68 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
SPY moved above its 50-day moving average on December 20, 2024 date and that indicates a change from a downward trend to an upward trend.
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where SPY advanced for three days, in of 362 cases, the price rose further within the following month. The odds of a continued upward trend are .
SPY may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The Aroon Indicator entered an Uptrend today. In of 446 cases where SPY Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
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