Sam’s Summary w/e July 14 2023

SPX: A BuRPI candlestick this week for the SP500. On the daily chart we can see that price did manage to break out of the 16th June high and continue the bullish trend with HH’s and HL’s. So as Javid said in today’s MR it's all looking good for the market to continue to move up as Vix is low and a good breadth of stocks are participating in this move. The next level of resistance on the D chart we need to know is 4637. Closest support in case of a PB would be RT of June 16th high. The SP500 is trading above all of the major averages for the sixteenth week in a row now.

NASDAQ: A BURPI candlestick also for the Nasdaq breaking through 14k during the week. On the daily chart, similar to the SPX a continuation of the bullish trend is confirmed with HH’s now printed and the HL’s confirmed. 14646 is the new resistance level we are looking to go on and test. To the downside it would be a RT of June 16th level short term. At some point will the Nasdaq come to test its D50ma or as John Ide named it the 'PVI'. The Nasdaq is now trading above all of the major averages for the seventeenth week in a row now.

RUSSELL (SMALL CAPS): Small caps also closed the week out with a BURPI candlestick breaking through 1900 and closing convincingly above its WVI. What has been messy price action since the 24th March lows now looks to be a little bit better for the bulls. Price has now made HH’s and HL’s but we are now looking for small caps to break out of RN 2k and the Feb pivot high. Small caps are now trading above all major averages for the second week in a row.

DOW: A full house for BURPI candlesticks this week thanks to the Dow joining in with the party. Although on the weekly chart we are still waiting for the Dow to break out of 35k really to give us more confidence. O the daily chart we ca see that since the march low we have been getting HH’s and HL’s however now we need a further HH and break out of that 35k now. The Dow is trading above all major averages for the seventh week in a row.

FTSE 100: The FTSE 100 manage to close with a bullish candlestick but couldn’t break back above its W50ma. O the daily chart we can see that price came down to the march low area and found support and a move back to the upside. On Friday we have got a potential short term reversal candle I must add. We are looking for price to move up from here and break and close back above its DVI and D50ma which are now more or less at the same level. To the downside the 7th July low is where we need price to stay above. Price is below all major average except it’s W50ma.

Sam Holden

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