SPX Daily Stock Market Analysis Friday May 26 2017 

The Nasdaq 100 and SPX futures have cleared past highs decisively. Clear blue skies ahead for these 2 indexes at the moment. The Dow is still taking some time to overcome its old high to form a new all time high. Anyway if the 60 min uptrend of Dow continues to rise step by step, it should overcome the old highs very soon. What we want to see in the major 3 indexes is a disciplined step by step rise in the 60 min charts. This kind of rise is important because it creates pockets of support that will keep the stock market moving higher without much worry of a steep correction.

This website is still best viewed using a laptop as charts are bigger and clearer. But those using mobile can turn their phone sideways for a bigger view. Still haven't figured out how to enable zoom in on a responsive design. Not that tech savvy. Anyway you can tap on the chart and open it in new tab or save it. Then you can zoom into it for a clearer view.

Here's a summary of today's analysis:

  • The Dow, SPX and Nasdaq 100 are still in a healthy uptrend. Long term, mid term and short term they are still healthy.
  • The 3 indexes are in a strong 60 min uptrend. Have to be on the lookout for some correction but on the whole, the layers of support they have made in the 60 min will give us lots of confidence and the time to exit any short term positions with style and grace
  • The Nasdaq is forming a very nice 60 min consolidation. Which way it breaks out is important. A breakout above the box will send tech stocks even higher.
  • The area of support to watch for the Dow is 21000. It has gone above it and that explains why Dow is hovering around there. We don't want to see it drop below there. Psychologically 21,000 is a round number and its important Dow stays above it. For the SPX the support it needs to hold is 2400.
  • A simple trend following strategy works best for the major indexes now. As long as the indexes are above their rising 60 min 20 and 50 MA we should be bullish and long.
  • Gold is telling us it wants to go higher. Lets put an alarm to see which way it breaks out.
  • Oil got hit yesterday because of overwhelming daily overbought indicators. I look at the 60 min chart and when the 60 min support could not hold, a wave of selling pushed oil prices lower.
  • Oil prices are at a 60 min support area now. We need to look for any bullish reversal patterns or a bearish continuation patterns. Traders react, we do not predict.
  • Ethereum, the brother of bitcoin has surge from $10 to $180 in just 3 months. This is perhaps the greatest bull market this season beating all other financial instruments.

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Charts with the investing.com logo are courtesy of Investing.com powered by Trading View

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