Sam’s Summary w/e May 26 2023
SPX: Price just about managed to close higher than last week on the SP500. Price closed with a long tail on the weekly candle which if we drop down to the daily chart we can see how the week played out more clearly. Tuesday and Wednesday ‘s bearishness came down to just short of the D50ma before gaping up Thursday and finishing the week strong with Friday's BuRPI. Price on Friday fell just short of the resistance area that we have been waiting for it to break out of for some time! Will price finally break above the resistance or will we see price come back down? We will have to see what next we has in store for us. The SP500 is still trading above all of the major averages for the ninth week in a row.
NASDAQ: Nasdaq this week did recent Nasdaq like behaviour. What I mean by that is, leading the market and outperforming the other indices. Nasdaq has been the leader for some time now and this week was probably the clearest week to see in terms of price action/ % gain. A strong BuRPI candle on the weekly chart which closed just short of RN 13000. Resistance at 13181 from August high is the next level to contend with. On the daily chart price gapped down on Wednesday which gave us an indecision candle before gapping up on Thursday and fishing the week off on Friday with a large BuRPI candle. The Nasdaq is now trading above all of the major averages for the tenth week in a row.
RUSSELL (SMALL CAPS): Small caps closed this week out with a spinning top candle meaning that price didn’t close the week much different to last week. One point to mention is that price did tag the W50ma intra week but failed to close or stay above. On the daily chart price on Monday started off strong with a BuRPI however Tuesday gave a potential reversal candlestick suggesting a move down, which we got over the next two days. Price on Friday produced a BuRPI and managed to claw its way back above the D50ma level. Small caps are still only trading above one of the main moving averages and that being it’s D50ma.
DOW: A negative week overall for the Dow, however, the weekly candlestick has got a nice tail to it and it did come to tag the W50MA intra week. The Dow for the past few weeks has used its W50ma level as support level however, this week price did break below and kept on going down until Thursday. Thursday overcut is DVI and closed with a nice tail sat on the moving average which propelled Friday with a nice BuRPI candle to take us back above 33k RN and stuck in the middle of both daily moving averages. The Dow is trading above all major averages bar its D50ma now..
FTSE 100: The FTSE 100 had a large range this week as compared to its previous few weeks. A bearish week for the FTSE resulted In the lowest close for 8 weeks. On the daily chart we can see the week played out more clearly. Monday was a nothing day but then Tuesday to Thursday the FTSE took the elevator down breaking through its D50ma and falling just short of it's DVI. Thanks to Fridays BuRPI candle the charts doesn’t look as bad with it closing roughly half way in between both daily moving averages. Price is trading above all bar its D50ma now.
Sam Holden
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