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
- This week brought a lot of bad news for investors but there was a late week recovery in the indexes
- Pressure on Chinese stocks hurt equities worldwide
- Rates are still moving up sharply while the economy is slowing
- There is s pending government shutdown but historically has not been bad for stocks
- This stock market rebound is very likely doomed to fail
- We believe there will be a capitulation before the market starts to look better again
- The best chances for a rally are likely November/December
- Index and Bond Updates
- S&P 500 and NDX are mostly unchanged for the week
- RUT gained over 1% for the week
- 30-Year bond market fell almost 4 points
- 10-Year yields are up around 9 basis points
- Gold is down over $50
- Silver is down 45 cents
- The dollar gained .3%
- Oil gained $1.25 for the week, a correction is likely coming before a move up
STOCK MARKET ANALYSIS
- S&P 500 (SPX)
- The short-term upside projection is to $4353 – $4388
- There is a period of risk for the last three weeks of October – Daily chart
- A break below $4238.63 would indicate the next declining phase is underway – Daily chart
- The best time to be buying will likely be late October/Early November
- Downside projections into late October around around $4100 – Daily chart
- Analysis with proprietary Level 4 studies
That’s the show for this week!
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