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Stock Market Technicals For Week of June 22, 2020 [Premium Articles]

The report is for week of June 22, 2020, and includes analysis of major market indexes and ETFs. Access to full article requires Premium Articles subscription.

Report contents

  1. Weekly summary and recap.
  2. Weekly analysis of major indexes.
  3. Major index overbought/oversold conditions.
  4. Analysis of popular ETFs.
  5. Low volatility versus high beta analysis.
  6. Sector performance.
  7. Chart of the week.
  8. Conclusion.

No 2 above includes:

  • S&P 500 weekly analysis.
  • Stock – bonds and stocks – gold correlation.
  • Correlation pattern of S&P 100 index constituents.
  • Market bottom indicator status.

1. Weekly summary

  • Stocks rebounded after a weak opening.
  • High beta large cap profit taking continued.
  • Low volatility large caps rallied.
  • Bond yields were unchanged on the week.
  • Gold was slightly higher and crude oil rebounded.
  • U.S. dollar gained on the week.

Recap (June 15, 2020 – June 19, 2020)

Index Week YTD
S&P 500 +1.9% -4.1%
DJIA +1.0% -9.4%
NASDAQ +3.7% +10.9%
Russell 2000 +2.2% -15.0%
10-Year Note unch -1.22%
Gold (London fix) +0.1% +13.9%
Dollar Index +0.3% +1.6%
WTI Crude Spot +9.5% -35.1%
Bitcoin Futures -1.6% +29.2%

2. Weekly analysis of major indexes

The S&P 500 gained 1.9% on the week.

The index rallied to recover less than half of the loss of the previous week. Weekly momentum remained flat and below the longer-term average according to PAL OB/OS indicator.

The key question is this: Will the index test first the attractor level around 3027 where horizontal support and the 40-week moving average converge, or will it attempt to test first the previous week’s highs around 3233 and afterwards the major resistance at 3260?

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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 and backtesting program: Amibroker

Data provider: Norgate Data

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