Sunday, May 31, 2020

Week Ending 5/29/20 - Riots start over George Floyd murder - Banks/WFC - Nasdaq near ATH

Stock indices ended the week higher despite riots over George Floyd's murder.  The riots have however spread further and grown more violent over the weekend.  Banks rallied, and most nulled vM's lower except Wells Fargo.  The Nasdaq has been the sneaky leader and is only about 2% from all time highs.  Oil looks like it wants higher and has formed a vW to 80.82



The S&P finished the week higher, nulling vM's lower 
and triggering vW's towards 3124.75 and 3153.5.



The Russel closed higher for the week, but gave up about half its gains made.  
It has several vW's higher triggered.



The Nasdaq is only about 2% from all time highs. 
 vW to 10999.5 is triggered.



Bonds have nulled vW's higher and is forming vM's lower.



Gold still trading sideways.



Oil looks like it wants back above $40, 
and has a vW to 80.82 that is triggered.



The XLF rallied and nulled vM's lower.  
Wells Fargo participated in the rally, but didn't null its patterns lower.
vW's to 26.04, 28.67, and 34.06 are triggered.



Wells Fargo participated in the rally,
but hasn't nulled its vM.



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Monday, May 25, 2020

Week ending 5-22-20 - Banks - Short week next week for Memorial day.

This post will not include any charts, as not a lot has changed.  Refer to last weeks charts and updates.

Stocks ended higher for the week.  Banks bounced as well.  See if they can recover and null recent vM's formed lower.
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Sunday, May 17, 2020

Week Ending 5/15/20 - Banks - WFC

The stock indices have had pretty big moves, but have ended up mostly trading sideways the last couple weeks.  Banks however look particularly weak.  The week prior Wells Fargo got near the Corona virus lows, and traded lower this week.  The XLF and other banks are forming and triggering vM's lower as well.  Gold looks like it could break out and the Dollar has been sideways. 



The S&P has traded sideways the last couple weeks, 
although they were fairly big moves.
If doesn't hold Fridays lows,
expecting further selling towards 2700 and 2572.75



The Russell is similar to the S&P.  
Needs to hold this weeks lows 
to avoid further selling towards 1160 and 1048.1



The Nasdaq looks strong and has a vW to 10995.5






Gold looks like it could break out from here,
which would null vM's formed this year.



The Dollar has been trading sideways



Oil is back near $30.  Has a vM at 30.43.
See if can push through there or if it acts as resistance.
Also technically has a vW to 80.82 that is triggered 
when taking into account the negative price action.



Although I didn't do a market outlook for the previous week, 
I did notice banks looked weak, in particular WFC,
which has fallen below Corona virus levels.

If XLF falls below Thursdays low, expecting 16.06, which is about 20% lower.



Wells Fargo is below Corona virus lows.
VM to 18.85 is triggered.



BAC has vM's to 15.94 and 13.53



C has vM's to 34.23 and 25.47



Deutche Bank has a vM to 4.46, which is 30% lower, 
and is already lower than the 6.50-7.00 area 
that caused a stir in the markets last year.


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Sunday, May 3, 2020

Week Ending 5-1-20

Stock indices were a bit volatile for the week closing slightly down, with the exception of the Russell which was slightly up.  Oil was up and is near $20 again.  Bonds and gold were down.



The S&P hit vM at 2811.5
See if can bounce from here towards vW 2990 and 3016.75 
Otherwise expecting further selling towards 2749.



The Russell has hit vW 1251.6, fell through slightly, and so far bounced back above.
vW's to 1424.2 and 1563.7 are still triggered.



Bonds still pretty much sideways.
Has triggered vM's to 221'15 and 213'11



Gold hit a vM at 1680.3 and bounced.
Still has vM to 1651.3 triggered



Oil is back near $20.
Has vW to 30.43 that is triggered.
Also techincally has a vW to 80.82 that is triggered 
when taking into account the negative price action.

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