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In this technical article, we are going to present Elliott Wave trading setup of Bank of America (BAC) .

West Texas Intermediate (WTI) US Oil trades around $58.30 on Thursday, flat for the day at the time of writing, as it holds its rebound from a five-month low marked on Tuesday at $57.33.

United States Philadelphia Fed Manufacturing Survey registered at -12.8, below expectations (10) in October

• Prior was +23.2

Details:

• Employment: 4.6 vs 5.6 last month

• Prices paid: 49.2 vs 46.8 last month

• New orders: +18.2 vs +12.4 last month

If there’s good news here it’s that new orders were in positive territory for the second month in a row.

• Shipments: 6.0 vs 26.1 last month

• Unfilled orders: -2.2 vs -6.6 last month

• Inventories: 5.4 vs 15.0 last month

• Average workweek: 12.8 vs 14.9 last month

Six-months from now indicators:

• 6 month index: 36.2 vs 31.5 last month

• Capex index 6-month forward: 25.2 vs 12.5 last month

Another notable thing when you look at the survey is that no firms are expecting any price decreases, despite falling oil prices. In the survey, 49.2% expect price increases while 50.8 see no change. That’s not the kind of thing a central banker wants to see in terms of anchoring prices.

The special question highlights that software is ruling the world:

This article was written by Adam Button at investinglive.com.

• The US to do more on rare earths
• More US stakes in rare earth companies possible
• US and allies looking at reshoring rare earth supply chains

There’s been lots of back and forth in the past few days between US and China but both sides refrained from escalating further. The markets continue to expect more de-escalation in the next days and weeks.

This article was written by Giuseppe Dellamotta at investinglive.com.

Hewlett Packard Enterprise shares plunged in after-hours trading on Wednesday after the company issued disappointing guidance.

• Prior was 245.8K (revised to 244.5K)
• Starts up 19% y/y
• Year-to-date starts up 5% y/y

The CMHC noted significantly higher starts in MOntreal and Toronto, primarily due to increased rental apartment starts.

The note from CMHC deputy chief economist Tania Bourassa-Ochoa is worth repeating “While these results indicate some resilience, it is worth noting that the current housing starts levels are generally reflective of decisions made months ore even years ago when investor confidence was higher than it is today.”

This article was written by Adam Button at investinglive.com.