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
- It was a big week for news with earnings reports and the FOMC meeting
- There was an upside panic in the stock market after the FOMC meeting
- Powell said ongoing rate increases are appropriate but wasn’t hawkish
- META gained 24% on Thursday on their earnings, but likely to turn back down
- The market moved sharply lower on Friday on key earnings misses
- Payroll numbers showed 517,000 job increase, unemployment rate moved to 3.4%, the lowest since 1969
- Buyers are aggressive and jumping in at any dip
- There is a window for a correction opening now
- Index and Bond Updates
- RUT & NDX gained around 4% for the week
- SPX gained around 2%
- 30-Year bond market are down slightly
- 10-Year yields low is likely being set
- Gold is down $56, likely forming an intermediate top
- Silver is down around $1.15
- The dollar is up around .6%
- Oil looks likely to try for the $75 level
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STOCK MARKET ANALYSIS REPLAY FROM DEC 2, 2022
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STOCK MARKET ANALYSIS
- S&P 500 (SPX)
- The next rally in the spring is still projected to around $4300 – Weekly chart
- Momentum is still strong – Weekly & daily charts
- A decline is still likely into March-April to around $3925 – $3842 – Weekly chart
- If momentum stays positive it will prevent some of the downside
- Projecting a dip over the next few days before another move up – Daily chart
That’s the show for this week!
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