Weekend Update June 28, 2019
VIX Volatility Index
rallied to test Long-term resistance at 16.92 before retreating under Short-term support/resistance at 15.42 at the end of the week.A rally above Short-term support/resistance may provide an initial buy signal.
SPX pulls back
SPX Weekly Chart
made a new all-time high on June 21, then declined through Wednesday. Interestingly, this week’s close is very near the September 21, 2018 peak, prompting some to ask whether the SPX may already be in a bear market. A new sell signal may be had at a decline beneath Short-term support at 2885.71.“Point 6” remains beneath the December 26 low.
(CBSNews) Wall Street’s partying like it’s 1997, with Friday’s session marking the best first half of the year for U.S. stocks since the dawn of the dotcom boom 22 years ago.
The stock index finished Friday up 17% year-to-date, while the technology-heavy gained 20.4%. The was up 14%, around 3,250 points, to reach nearly 26,600 since Jan. 2, the start of the 2019 trading year.
NDX rally falls short of a new high
NDX Weekly Chart
was unable to make a new high, leaving it in a vulnerable spot.This weakened position suggests the NDX may be a leader to the downside.The Cycles Model suggests the decline may resume through mid-July with Point 6 as a probable target.
(CNBC) So far, 2019 has been a year of growth for the nation’s largest tech companies while U.S. lawmakers and regulators question how big is too big.
Four of the five FAANG stocks — Facebook (NASDAQ:), Amazon (NASDAQ:), Apple (NASDAQ:) and Netflix (NASDAQ:)— have grown their market value at least 25% over the past six months. Microsoft (NASDAQ:), currently the largest public