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 Dow moved up for 13 straights days, the longest since 1987
- Good earnings from some techs helped the NDX moving to the upside
- Some analysts interpreted the fed being dovish in their meeting
- The S&P reversed to the downside on Thursday on the news that the Bank of Japan was tweaking its bank rate
- The market seems to be more susceptible to downside moves now
- The PCE came in as expected helping stocks recover on Friday
- The stock market is still strong and our momentum indicators are still positive
- Yield Curve Model chart analysis – Extreme overvalued
- All of our indicators are bullish but there are still big risks
STOCK MARKET ANALYSIS
- S&P 500 (SPX)
- Momentum is still positive – Weekly chart
- There is likely only a couple percentage points on the upside vs large downside risk
- Period of risk is August – October – Weekly chart
- Downside projections are at $4300 – $4210 – Weekly chart
- Looking for a peak around $4600 – $4665 in the second to third week of August – Daily chart
- Nasdaq 100 Index (NDX)
- Momentum conditions are still positive – Daily chart
- Looking for a little pullback and then a move up into mid – August – Daily chart
- Russell 2000 Index (RUT)
- Looking for a correction into mid – late September
- There is a possible left-hand translation – 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.