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 moved up steadily this week as bad news lifted the market
- The PCE core was at 4.2%, not getting worse was seen as bullish
- Payroll numbers came out Friday a bit better than expected
- Unemployment moved up to 3.8%
- Markets turned down Friday as PMI showed a stagflation condition
- We expected a bounce but not as big as we got this week
- If the conditions turn more positive, valuations still limits the upside for the indexes
- Hedge Fund exposure to mega-cap tech stocks chart analysis
- Index and Bond Updates
- Major indexes are up between 2% – 4%
- 30-Year bond market is up less than a point
- 10-Year yields are down 8 basis points
- Gold gained $20 for the week
- Silver gained 35 cents
- The dollar lost .2%
- Oil is surging, up $5 for the week
STOCK MARKET ANALYSIS
- S&P 500 (SPY)
- Momentum conditions have improved in the short term
- $455 is the key repair level on the upside – Daily chart
- Momentum is still negative – Weekly chart
- Still in a period of risk – Weekly chart
- A close over $455 would indicate the downward pressure has dissipated – Weekly chart
- A failure from here would be significant
That’s the show for this week!
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