Sam’s Summary w/e Jun 30 2023
SPX: A BuRPI candle this week printed by the SP500 with a 2.21% gain. Dropping down to the daily chart all looks good for the bulls as the PB the week before seems to have just be a bullish flag (so far). To the upside we are now looking for price to get to 4500. If price starts to move down the 4238 which is the low of the 26th June. Let’s see what next week has in store for us. The SP500 is trading above all of the major averages for the fourteenth week in a row now.
NASDAQ: The man running up the hill didn’t have much of a rest and back to its bullish ways this week with a BuRPI candle and a 2.25% overall gain. On the daily chart price action similar to the SPX seems to be forming a bullish flag however unlike the SPX the Nasdaq didn’t manage to break above the highest point of the 16th June. To the upside we are looking for a breakout of the 16th June and then 14k which is just above. To the downside the low of the 26th June 13334 we would be looking at short term. The Nasdaq is now trading above all of the major averages for the fifteenth week in a row now.
RUSSELL (SMALL CAPS): A BuRPI candle also this week for the small caps which saw price close above its WVI once again. On the daily chart price didn’t get to its DVI, however did move up to jut shy of Friday 16th high. Fridays candlestick does look a bit dubious for the bull suggesting at least short term PB. We are looking for price to break out of the 16thJue high and RN 1900 for a continued move up. If we see a PB then 23rd June low and just below that DVI, D50ma and 100 RN as an area of cluster support. Small caps are now trading above all major averages.
DOW: A four indices printing BuRPI candlestick thanks to the Dow also joining the party. Price on the weekly chart broke back above RN 34k however needs to break out of 35k to give us more confidence of a continued move up. On the daily chart price on Monday came down to test its 50ma before moving up and finishing the week strong. Certainly a better looking candle on Friday than small caps. The Dow is trading above all major averages for the fifth week in a row.
FTSE 100: The FTSE 100 also produced a BuRPI candle this week and managed to close back above its W50ma with a nice tail to it undercutting 29th May week. On the daily chart we can see it was Monday that came down took price below the 31st ay level before close as a nice looking hammer candle. Price then moved up for the rest of the week and on Friday finished very strong with the best candle of the week just short of its DVI. Looking for price t break above its DVI then 50ma for a bullish continuation. If we get a pullback Mondays candlestick area as support. Price is below its DVI and D50ma but now back above both averages on the weekly chart.
Sam Holden
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