Join Dstockmarket's Community - Daily Market Analysis, Individual Stock Analysis.

Join Dstockmarket Telegram Group

Join Dstockmarket Facebook Page

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.

Charts with the Freestockcharts.com label are courtesy of Freestockcharts.com

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

  • Help support this page and press the Facebook Like button below. Thanks!

Join Dstockmarket's Facebook Page 

Recent Articles

  1. US Stock Market Analysis May 2020 - Dstockmarket

    May 22, 20 08:57 AM

    Will the sell in May and go away materialize this year? Let us take a look at the charts of the market and see what it tells us.

    Read More

  2. KLCI Analysis May 2020

    May 22, 20 08:52 AM

    KLCI has gone up quite a lot since the lows but where do we go from here? Let us take a look at the charts to analyze the KLCI.

    Read More

  3. US Stock Market Analysis April 2020 - The Coronavirus Impact

    Apr 30, 20 07:49 AM

    What is the stock market likely to do from this impact of the Coronavirus? Will it continue to fall or a bottom is near. We will use charts to guide us.

    Read More

  4. KLCI Analysis April 2020 - Malaysian Stock Market Analysis

    Apr 30, 20 07:44 AM

    The Malaysian stock market has been badly battered following political uncertainty and the Coronavirus. Let us chart the KLCI and see where it is likely to go.

    Read More

  5. The Weekly Bottoming Tail Trading Strategy

    Apr 24, 20 07:20 AM

    Want to learn a trading strategy that is less stressful and that will allow you the freedom of not looking at the markets everyday?

    Read More

New! Comments

Have your say about what you just read! Leave me a comment in the box below.