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 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
- There was a deluge of selling on Monday as the S&P 500 was down 125 points
- Mixed earnings came out Wednesday, Boeing and Google were bad
- Chaos in the currency markets has investors worried
- US GDP came out down 1.4% for the first quarter, increasing recession potential
- The market was back to selling on Friday, bringing the S&P 500 down 85 points
- AMZN and APPL earnings were disappointing
- If AMZN gets a rebound it’s a sell
- There is still likely a rally coming in the Spring
- Index and Bond Updates
- Major indexes are down 1% – 2% for the week
- 30-Year bond market is down about 1 point
- 10-Year yields are up about 3 basis points
- Gold is down about $12
- Silver is down around $1
- The dollar had a move up 2%, minor pullbacks are likely
- Oil gained about $6
STOCK MARKET ANALYSIS
- NASDAQ (NDX)
- In a negative configuration – Weekly chart
- The probabilities are high that the next rally will fail in the resistance zone – Weekly chart
- The decline will likely continue into next week before a move up
- Projected to under $11000 later in the year
- Likely to form a cycle low early next week – Daily chart
- Projected to $13800 – $14100 in the next rally – Daily chart
- The SlimRibbon is neutral, looks likely to turn negative – 2hr chart
That’s the show for this week!
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