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Weekend Technical Analysis Week 50

Weekly major indices technical analysis
Weekend Technical Analysis Week 50
Photo by Jazmin Quaynor / Unsplash

In this segment, we will review the $DJI, SPX, NDX, and RUT weekly charts to draw our thesis for the coming week.

I hope you read last week's technical analysis article.  Our thesis then was that all four major indices will bounce and it did.  We observed a modest pullback on Thursday but most of them crossed the checkered flag green for the week.  Russell 2000 finished down 0.3% from last week.

Disclaimer: I am not a professional investment adviser and my opinions are based on my own technical analysis.  Please consult an investment professional before making investment decisions.

What a come back last week.  Of the four, RUT came short of turning positive for the week; still a good effort. Our thesis this week is the four major indices will have continuation this week based on technical analysis.


$DJI weekly chart
  • As we speculated last week, $DJI came out strong this week.  
  • $DJI is one of the three indices to form bullish engulfing bar.
  • I speculate price will continue to rise as 0.5 standard deviation fades in the rear view mirror.
  • The observed resistance is the 55-day high of 36565.73.


SPX weekly chart
  • SPX is one of the three indices to form bullish engulfing bar.
  • SPX is rebasing to test the 55-day high of 4743.83.
  • I speculate SPX will have continuation this coming week.


NDX weekly chart
  • NDX is one of the indices to form bullish engulfing bar.
  • TNX and TYX do not seem to deter the price momentum this week.
  • I speculate NDX price will retest its ATH and 55-day high of 16764.855.


RUT weekly chart
  • RUT made a good effort this week. Although not as strong as the three indices, still a good movement.
  • I speculate RUT price movement will retest its 9-day exponential average of 2265.91 this coming week.

Well, there you go folks.  I hope you had a nice weekend.  Have a great week ahead.

Thank you. Cheers.