This premium report allows limited free access. The report is for week of March 9, 2020, and includes analysis of major market indexes, large caps, sector ETFs, a chart of the week and a weekly forecast. Access to full article requires Premium Articles subscription.
- Weekly summary and recap.
- Major Index weekly analysis.
- Major index overbought/oversold conditions in daily and weekly timeframes.
- S&P 100 overbought/oversold stocks in daily and weekly timeframes.
- Low volatility versus high beta large caps analysis.
- Sector performance.
- Chart of the week.
1. Weekly summary
- Major stock indexes rebounded after wide swings.
- Rebound in stocks was mainly due to gains in low volatility large caps.
- Bond yields plunged most since December 2008.
Recap (March 2, 2020 – March 6, 2020)
|10-Year Note||-42 bps||-1.21%|
2. S&P 500 weekly analysis
The S&P 500 index rose 0.6% on a volatile week.
An “inside week” pattern was formed with a thin candle after the solid red candle of the previous week. This two-week pattern points to increased uncertainty while the index is not oversold yet in the weekly timeframe according to PAL OB/OS indicator. A move towards the June 2019 lows around 2875 is highly probable after additional whipsaw and even some more “inside weekly bars.”
In a recent Premium Insights article we included an indicator that has the potential of timing a bottom. Below is the chart with this indicator.
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Specific disclaimer: This report includes charts that may reference price target levels determined by technical and/or quantitative analysis. No updates to charts will be provided if market condition changes occur that affect the levels on the charts and/or any analysis based on them. All charts in this report are for informational purposes only. See the disclaimer for more information.
Disclaimer: No part of the analysis in this blog constitutes a trade recommendation. The past performance of any trading system or methodology is not necessarily indicative of future results. Read the full disclaimer here.
Charting program: Amibroker
Data provider: Norgate Data
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