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
- Stocks were mixed to lower this week
- Fed increased rates by .25% as expected, 10-Year Yields moved over 5%
- Emphasis is on inflation – import prices are up 7% year over year
- Oil moves slightly lower after a high
- Potential AI slowdown on security concerns has not effected stocks yet
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STOCK MARKET ANALYSIS WITH THE MARKET CONDITIONS MONITOR
STOCK MARKET ANALYSIS
- S&P 500 (SPX)
- Momentum is flattening out – Weekly chart
- Possible shifted cycle bringing a cycle low in late September – Weekly chart
- A move above $7714 would turn things much more positive – Daily chart
- Momentum is negative signaling rebound is likely to fail – Daily chart
- Positive scenario – Weekly trough complete and only a 4% correction before moving back to ATH
- Negative scenario is more likely – rally fails with weekly trough in mid-October
- Nasdaq 100 Index (NDX)
- May have made an early trough and now in a new rising phase – Weekly chart
- Stronger conditions than the other indexes
- Cycle peak breakout level is at $29753 – Daily chart
- Momentum is still negative – Daily chart
- Russell 2000 Index (RUT)
- Will take a lot of energy to get back into resistance areas after how far it has fallen – Daily chart
- The askSlim OBI showed the negative signal early
- There is potential for another cycle where it tried to rebound but fails – Daily chart
- Euro Stoxx 50 ETF (FEZ)
- Projected weekly cycle trough is out in October
- Anticipated around 3 more weeks of decline – Daily chart
- S&P Retail ETF (XRT)
- Weekly cycle trough is projected for December
- Rallies should fail – Daily chart
That’s the show for this week!
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