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The Price Action Lab Report-Week of May 15, 2023 [Premium Articles]

Photo by Burak The Weekender

Market analysis for the week of May 15, 2023. Major market indexes, large caps, ETFs, commodities, forex, and crypto. This report includes 23 charts and tables. Free access to the weekly summary. Access to the full report requires a Premium Articles or All-in-One subscription.

Report contents

  1. Weekly Summary.
  2. Chart of the Week.
  3. Major Market Indexes.
  4. Russell 1000 Equities.
  5. Major ETFs.
  6. Commodity ETFs.
  7. International Market ETFs.
  8. Spot Currency Pairs.
  9. Bitcoin and Ethereum

1. Weekly Summary (May 8 – May 12, 2023)

  • Stocks were little changed this week.
  • Bond yields and prices were stable.
  • Commodities ended the week lower.
  • The US dollar rallied in forex markets.

The uncertainty about the state of the US economy grew after the release of the April CPI and consumer sentiment reports, but stocks managed to move sideways and end the week with small losses.

Large caps ($SPX) finished the week with a 0.3% loss. The Dow Jones Industrial Average ($DJI) fell 1.1%. Small-cap stocks ($RUT) also fell 1.1%. Tech stocks ($NDX) finished the week with a gain of 0.6%. The S&P 500 high beta index ($SP5HBI) was down 1.3%. The S&P 500 low volatility index ($SP5LVI) lost 0.5%.

The US Treasury Bond Total Return Index fell 0.1% as uncertainty also ruled price action in the fixed-income markets. The yield on 10-year notes was higher by one basis point, to 3.46%. The spot price of crude oil (@WTI) was down 1.8%. Gold on the spot market (@GC) gained 0.9% despite a 1.4% rally in the US dollar index ($USDX). Commodities ($CRB) fell 1.4% and were down for the fourth week in a row.

Year-to-date, tech stocks ($NDX) are up 21.9% but remain 19.5% below all-time highs. Gold (@GC) is up 11.5%, and the S&P 500 index ($SPX) is up 7.4%. Crude oil (@WTI) is down 12.7%. Commodities ($CRB) are down 7.1%.

The ensemble of our six systematic strategies is up 0.7% year-to-date. Our PSI5TF trend-following strategy with 23 futures contracts (long and short) is up 1.8% after gains of about 24% last year. The DBMF iMGP DBi Managed Futures Strategy ETF is down 8.7% year-to-date.

2. Chart Of The Week

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Specific disclaimer: This report includes charts that may reference price target levels determined by technical and/or quantitative analysis. No charts will be updated if the market condition changes affect the charts’ levels 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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