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
- The stock market finally had a minor pullback week
- Inflation is still very strong in the Eurozone
- European markets look very weak
- Powell was hawkish this week, said more hikes are coming at a slower pace
- We are projecting 10-year yields to 2.3% in the coming 1-2 months
- The brief correction in the stock market is likely happening now
- Projecting a rally that should be a good selling opportunity
- Index and Bond Updates
- Indexes are down 1.5% – 2.25% for the week
- 30-Year bond market gained just under a point
- 10-Year yields dropped 5 basis points
- Gold lost $24 for the week
- Silver fell $1.60
- The dollar gained .5%
- Oil lost $3.30 for the week
STOCK MARKET ANALYSIS
- S&P 500 (SPX)
- Weekly and daily charts suggests decline for around a week
- Support level is right around $4300 – Weekly chart
- Another rally into later summer is still likely
- Upside projection is $4500 – $4530 later in the summer
- The next period of risk is late August – October – Weekly chart
- The SlimRibbon is still bullish
- $4320 – $4300 are the support levels – Daily chart
That’s the show for this week!
Askslim.com, Inc. owns and operates the website known as: www.askslim.com. All of the information on www.askslim.com is solely for entertainment, informational and educational purposes only and is not investment or trading advice. None of the information on the Website or in emails is guaranteed to be accurate, complete, useful or timely.