Breakout Brewing? With the 3200-3230 support level holding strong on the S&P 500, we remain constructive over the intermediate-term as outlined in our 11/3/20 Compass. Considering current market dynamics we see eventual decisive breakouts as the most likely outcome for the major averages, which justifies our positive outlook. At the same time, with the S&P 500, Russell 2000, and Nasdaq 100 climbing 7-12% in just over a week and all three testing logical resistance, we believe there is potential...
Testing Key Support In last Tuesday's Compass (10/27/20) we noted the S&P 500's break below 3425 short-term support opened the door for potential visits to 3325 and 3200. Support at 3325 was violated by Wednesday, however the 3200-3230 level has held and remains important support moving forward. Should 3200-3230 fail to hold, 3130 (the 200-day MA) would be a key line in the sand for us. If this level holds we see the recent pullback as a buying opportunity, however a break below 3130 would sign...
Research Announcement: Moody's - Australia’s big four banks to feel pressure from weaker loan quality and slowing credit growth Sydney, September 01, 2020 -- » Nonperforming loans to rise significantly toward the end of March 2021, when forbearance programs expire » Weak economy will weigh on profitability and capital, while downside risk remains Moody’s Investors Service says
FINANCIAL INSTITUTIONS ISSUER IN-DEPTH 1 September 2020 RATINGS Australia and New Zealand Banking Group Limited Outlook Stable Senior Unsecured Aa3 Baseline Credit Assessment a2 Commonwealth Bank of Australia Outlook Stable Senior Unsecured Aa3 Baseline Credit Assessment a2 National Australia Bank Limited Outlook Stable
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