Sam’s Summary w/e July 07 2023
SPX: A small range bearish candle this week for the SP500. On the daily chart we can see that price had a pullback after a fake break out of the Friday 16th of June high. The pullback is currently still above the 26th June low though so if price moves up from here it will confirm a higher low and then we will just need price to break out of the 16th of June high to result in a higher high and a continuation of the bullish trend we are in (HH's and HL's). Price does look to still be trading a fair amount above its D50ma, maybe a lull period for the 50ma to catch up will happen rather than a deeper PB to it, or will price just keep moving up at the same pace? Time will tell. The SP500 is trading above all of the major averages for the fifteenth week in a row now.
NASDAQ: Similar week to the Sp500, the Nasdaq closed with a small range bearish candle. On the daily chart price also mirrored the Sp500 with the pullback holding above the 26th June low. We are looking for price to break out of June 16th high for a continuation of the trend. The Nasdaq is now trading above all of the major averages for the sixteenth week in a row now.
RUSSELL (SMALL CAPS): Small caps also printed a bearish candlestick this week however where s differs to the previous two indices is that is ha a good tail to the candle which tagged the w50ma and it also managed to close above the w50 and WVI by the ed of the week. On the daily chart price pulled back just shy of its DVI and 50ma which are at more or less the same level, which s just above 1800. To the upside we are looking for price to break above 1900 and to the downside to hold above 1800, DVI and 50ma. Small caps are now trading above all major averages for the second week in a row.
DOW: The worst looking and performer of the indices this week was the Dow. The ow printed a BrRPI candlestick breaking down 34k. On the daily chart we can see price taking the elevator down to just shy of its 50ma. We are looking for price to break out of 16th June high and to the downside hold above its 50ma short term. The Dow is trading above all major averages for the sixth week in a row.
FTSE 100: The FTSE 100 also had a small bearish week, however the candlestick closed with a small hammer just above the 20th march wick low. For the bulls out there we really want to see price find support around the level/ zone or we could see a further move down to 7000. Price is below all major average except it’s WVI now.
Sam Holden
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