Sam’s Summary w/e Jun 16 2023
SPX: A good ranged bullish candlestick for the SP500 this week which broke above the pivot high convincingly from back in August 22. On the daily chart price had a brilliant week and only on Friday gave us some bearish week to what overall was a very strong week. Next level of resistance is is march 22 4637 area. As Javid mentioned June usually isn’t the best so maybe a PB will occur, f so a retest of 4325 or a deeper 5% PB to Feb and may resistance which coincides with D50ma level. The SP500 is trading above all of the major averages for the twelfth week in a row.
NASDAQ: Nasdaq back to being the leader this week after having a very short holiday away from its role for this year. We are now convincingly above August 22 pivot highs and getting closer to 14k RN. On the daily chart price has been aiming for the moon since Aprils tag f the 5oma. Again if we do see a PB with seasonality, the steep recent move up and retail traders mainly involved at this stage then we need to know our levels and be ready to add to current positions or to enter new ones if we haven’t got in already. The Nasdaq is now trading above all of the major averages for the thirteenth week in a row.
RUSSELL (SMALL CAPS): Small caps has taken a step to the side to allow the IXIC and SPX to lead the charge. On the weekly chart we have got a candlestick suggest we may get a PB near term which is not what we want to see as we need to break above RN2000 still for a continued move up. On the daily chart price action looks a little better for the bull case as a bullish flag could be o the cards, a break above Fridays high would confirm the flag and a continued move up near term would be good to see. Small caps are now trading above all major averages.
DOW: A nice bullish week also for the Dow this week where price broke out of 34k. On the daily chart price on Thursday did manage to break out of the May pivot high however didn’t manage to break and stay above dec 22 pivot high. We need higher highs and higher lows for the Down. KYL’s regarding pullback if your trading in this area. The Dow is trading above all major averages for the Third week in a row.
FTSE 100: The FTSE 100 closed the week out slightly bullish however had a decent size wick to the upside. Price is still above its W50ma for now. On the daily chart the FTSE finished off the week with a wide ranged doji candlestick suggesting a potential move down short term. Price is still stuck between its 50ma and DVI.
Sam Holden
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