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.
- Weekly summary and recap.
- Weekly analysis of major indexes.
- Major index overbought/oversold conditions.
- Analysis of popular ETFs.
- Low volatility versus high beta analysis.
- Sector performance.
- Chart of the week.
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)
|Gold (London fix)||+0.1%||+13.9%|
|WTI Crude Spot||+9.5%||-35.1%|
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