Hello, askSlim Community!
The Market Week “minutes” are taken from our Free weekly Market Week shows, where 47-Year Professional Stock, Futures, and Options Trader, Cycle Analyst Pioneer, and founder of askSlim.com, Steve “Slim” Miller, reviews what transpired in the financial markets during the week and provides a technical outlook in time, price and direction. Enjoy!
If you would like to watch this week’s Market Week show from the start, you can do so below. Otherwise, you can click on underlined titles below to open video topic starting points where Slim begins his analysis:
NOTE: Click on underlined titles to open video topic starting points where Slim begins his analysis
WEEK IN REVIEW
- Market Recap and General Outlook
- Stocks fell and rates moved up on Monday as Covid goes through China
- Wednesday was a strong up day with Nike leading the way
- There was a big downside reversal on Thursday
- David Tepper ‘leaning short’ sent the markets to the downside
- Tesla is offering large discounts on cars as stock continues to decline
- The PCE came out up 5% year over year
- Expecting a short term bottom coming up in the stock market
- Index and Bond Updates
- The indexes are only slightly changed for the week
- 30-Year bond market are down 3.5 points
- 10-Year yields are up 25 basis points
- Gold is unchanged for the week
- Silver is up around 50 cents
- The dollar is down slightly
- Oil is up but we are anticipating big risks to the downside, projected below $70
STOCK MARKET SHORT TERM ANALYSIS
- S&P 500 (SPY)
- A cycle bottom is due soon – Daily chart
- Projecting $397 – $403 in January
- Projecting a big decline around the end of January
- Dow Jones ($DJI)
- Watching for a cycle low in coming days – Daily chart
- The Dow is likely to do much better than the S&P 500
- In a negative configuration – Daily chart
- January projection is $33,850 – $34,250
That’s the show for this week!
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