Wk24: Market Forecast

15 Jun

In the week ahead look for these news announcements to act as potential market movers
· Mon: Housing Market Index 1:00 PM ET
· Tues: Housing Starts 8:30 AM ET
· Tues: Producer Price Index 8:30 AM ET
· Tues: Industrial Production 9:15 AM ET
· Weds: Consumer Price Index 8:30 AM ET
· Thurs: Jobless Claims 8:30 AM ET

Friday is Option Expiry along with a Quadruple Witching, meaning contracts for stock options, stock index futures, stock index options, and stock futures all expire on the same day.

Looking forward, we see a sign of technical strength across the board in the markets, the 200-Day (Exponential) Moving Average has been broken to the upside in the NASDAQ, S&P 500, and Russell, and the Dow is closing in. With the S&P 500 breaking above this level and holding, as we saw with last week’s consolidation is an incredibly bullish sign.
In past bear markets it is the tech sector that has lead the market back to higher price levels. Over the past 3 months the NASDAQ has done just that, breaking its Nov 08 highs long before the Russell, followed by the S&P500 and now we wait for the Dow to follow suit.

Looking for a break of S&P 956.23 to the upside.

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