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
- Fed Minutes showed that rates were expected to go up, but didn’t affect the markets much
- ADP private sector job numbers came out strong, hitting the stock market
- Payroll numbers were weaker than expected on Friday
- There was a huge uptick in the 10-Year yields to over 4%, affecting small cap stocks
- Our upgraded target for the S&P 500 remains around $4500, but hard to ignore the sharp slow down coming
- Housing prices are up again with low supply
- S&P 500 vs Money Supply graph analysis
- With stubborn inflation, a stingy Fed and overpriced stocks it’s a recipe for earnings to fall
- Index and Bond Updates
- Indexes had a small loss on the week
- 30-Year bond market lost almost 3 points
- 10-Year yields are up 21 basis points
- Gold is up around $8 for the week
- The dollar is down .4% for the week
- Oil gained $2.30
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STOCK MARKET ANALYSIS
- Russell 2000 Index (RUT)
- If it moves below $1818.81 it signals intermediate top and negative conditions for stock market
- The short term view is turning less positive, likely to begin to roll over
- The SlimRibbon is still positive
- S&P 500 (SPX)
- The SlimRibbon is positive
- The real risk is around the end of July – August
- Touching $4355 is a negative warning, breaking $4328 is a top warning
- Sum of the evidence is still positive
- Upside target remains $4513 – $4534
- Nasdaq 100 Index (NDX)
- The SlimRibbon is positive
- In an important period to watch for a potential rally or a failure
- Still very strong
That’s the show for this week!
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