Lets take our regular look at five of the main US indexes (monthly candle charts).
All five US equity indexes settled net higher for the week.
The Transports is leading the way higher, with the Nasdaq trailing.
The Nasdaq comp' broke a new historic high.
All five indexes have re-taken their respective monthly 10MA.
A pretty light week is ahead, with just a handful of notable earnings, and a few pieces of econ-data. Whilst there will be an FOMC, there will clearly be no change in policy.
M - SFIX
T - TIF, CHWY, GME, FIVE, AMC
W - GES, RRGB
T - ADBE, LULU, PVH
T - JOLTS, wholesale inventories
W - CPI, EIA Pet', US T-budget
FOMC announcement 2pm, with a press conf' at 2.30pm.
T - Weekly jobs, PPI, Fed bal' sheet (4.30pm)
F - Import/export prices, consumer sent'
|The Longest Day (1962)|
May saw the SPX and Nasdaq comp' settle back above their respective monthly 10MA. Under my criteria, that made for a bullish monthly settlement, and changed the m/t trend back to bullish. This past week has seen other indexes follow.
A multi-week retrace is due, and whilst we might break back under sp'3K at some point, I do not expect any bearish monthly settlement (under the 10MA). Any cooling wave/retrace is thus to be seen as such. I hope that is (as Wonka might say)... clear as crystal!
|Strawberry full moon|
With further QE and zero rates, I will merely re-iterate, I see long gold and the related miners, as the most straight forward trade into 2021. Be careful out there... in the twilight zone.
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Have a good weekend
*the next post on this page will likely appear 5pm EDT on Monday.