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
- Buyers regained the edge despite an uptick in inflation
- The thought that interest rates are peaking brought buyers in
- The declines in the euro zone stocks are likely far from over
- Techs led the way on the downside Friday taking a chunk out of the gains for the week
- Risks will likely continue to grow, riskiest period if mid-late October
- A decline in October could be a good buying opportunity for an upside move into the year end
- Look at cyclical and old economy stocks, not tech stocks
- Index and Bond Updates
- Major indexes have small gains for the week
- 30-Year bond market moved down close to a point
- 10-Year yields are up 4 basis points
- Gold and silver had small gains on the week
- The dollar is up slightly, likely to start pulling back
- Oil is targeted to $95 – over $100 in coming months
STOCK MARKET ANALYSIS
- S&P 500 (SPY)
- Expecting a choppy week or two before a more significant decline – Weekly chart
- Rising phases suggest a rally into November – December – Weekly chart
- $455 is the repair level, a move through would reduce the current expected decline
- Momentum is negative – Weekly chart
- The sum of the evidence suggests the period of risk is still ahead of us
- Decline targets are at $430 – $420 – Weekly 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.