The U.K. Stockmarket
- Stock markets in Europe and the U.K followed the U.S. market lower at the end of the week.
- Concerns persist regarding the Italian government’s dispute with the EU over spending caps in the country’s proposed budgets.
- The Pound rose after positive Brexit news with didn’t help sentiment for stocks.
- Our Breadth Indicator stayed negative this week and our Momentum indicator ticked lower again.
The U.S. Stock market
- The U.S. stockmarket was lower this week. The market was actually higher through Wednesday but Selling was aggressive at the end of the week after the 10-year Treasury yield rose sharply following Friday’s jobs report.
- The technology sector (XLK) was hit particularly hard even though it hit an all-time-high on Wednesday.
- The VIX volatility measure (also called the fear gauge) spiked to its highest level since April.
- Our Breadth indicator stayed negative and our Momentum indicator ticked lower again.
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