BOB LANG: Good morning, Action Alerts Plus subscribers. It is September 9, 2022, today. It's time for a rundown. Great to be with all of you today. Let's get started. We have a little bit to cover.
So yesterday, sharp rally in the markets as we intended to test that 3,900 level one more time, so three times this week, and it seems to be a successful test for right now. So maybe we have a little bit of a bottom in the markets on the S&P 500 and on the NASDAQ as well, too. So we're getting a nice strong push today, up more than 1% on the indices and 1 and 1/2% on the NASDAQ. So that's some good relative strength here on a Friday, which is something we're not used to.
So as we mentioned about the technicals, the conditions are starting to get better. Now, certainly, we need to see the end of the day here to take a look at the weekly charts because the weekly charts really give us a better read on the intermediate-term movements of the market, the intermediate-term trend, that is. So we have seen the MACD starting to turn upwards. We don't have a crossover yet on that. So that would be something to be watchful for.
Put-call ratio is something I follow very closely with options. We've seen those starting to come down quite sharply the last couple of days. And that's a bullish positive for the bulls.
And then, finally, let's take a look at the breadth. Now, the breadth has been absolutely horrendous for the last couple of weeks. But certainly, the last two or three days, we've seen some good improvement in the breadth, and today, actually seeing some strong breadth, more than six to one positive on the breadth. So we'll see if that finishes out strong to end the week.
Options expiration-- that's coming up next Friday. And oftentimes, we do see quite a bit of volatility during that week. And what is next Friday? So next Friday is triple witching. We have options expiring, options on futures, and options on commodities and index options also expiring. So it's a big expiration, which means a lot of volatility could come in.
We don't have a lot of earnings on the docket for next week, but we do have quite a bit of economic data coming out. Chief among them is going to be the CPI number, which comes out on Tuesday morning, and the PPI number, which comes out on Wednesday morning.
Notable strength recently in financials in the last couple of days, and certainly, we do have one of those names in the AAP portfolio. That would be Morgan Stanley. So Morgan Stanley yesterday got a good close over the 200-day moving average and the 20-day moving average. So we'll be watching this stock to see if there's some more followthrough today and into next week. But suffice it to say the weekly chart looks very strong for Morgan Stanley.
We also had earnings last night from Zscaler. Now, we don't have a direct position in Zscaler, of course, in the Action Alerts Plus portfolio. But we do have the CIBR, C-I-B-R, which is the ETF for cybersecurity. And Zscaler is a member of that ETF. So strong earnings for Zscaler means strong earnings for, probably, some of the other members that are in the CIBR as well. So we should see some good strength in that ETF.
Yesterday, we heard from Chair Powell, and he did a Q&A with some interesting answers and basically reiterated the policy that the Fed is going to continue to follow with higher interest rates over the short term and keeping rates higher for longer over the medium and longer term, probably into 2024. So regardless of what next week's inflation data look like, I think the Fed is still headstrong into raising interest rates.
Now, yesterday morning, we did have a meeting from the EU, and they did raise interest rates-- 75 basis points is the highest amount of rate hikes that they've done ever-- and brought their rate up to 1.25%. So they are quite a ways behind the Federal Reserve, about 100 basis points. But they have indicated that they're going to keep on raising interest rates as well, too.
So that's really much needed as inflation seems to be raging out of control in the EU. And finally, we'll have a couple of Fed speakers out today. We have three Fed speakers out later on this morning and later this afternoon. Charlie Evans is one of them, and also Christopher Waller, who is a Fed watcher we got to pay attention to. He's a big influencer on the committee, and he may be talking about interest rates a little bit later on today.
So that's going to be it. Everybody, have a wonderful weekend. Great to be with you, and we will see you again on Monday.