Stock Market Wrap Up 3rd Week August 2016
Good morning! Hope you have a great weekend. This one will be longer than the daily stock market analysis since this is a wrap up of what have happened over the week. The market is still meandering but in the 60 min charts some slightly bullish bias patterns is forming again. Oil is still in an uptrend and traders should continue to hold them as long as its above its 60 min 20 MA. Might be late in publishing this week's intermarket analysis since I'm pretty busy but anyway weekly stuff can wait cos its a bit slow moving anyway.
Go to Daily Stock Market Analysis 2016 for past analysis. For longer term picture read Intermarket Analysis Aug 3rd Week 2016. Will be doing the Intermarket Analysis For 4th Week perhaps on Monday.
Scroll down for a summary.
Anyway, let's look at what the chart are telling us and where the market is likely to go.
Go to Daily Stock Market Analysis 2016 for past analysis. For longer term picture read Intermarket Analysis Aug 3rd Week 2016. Will be doing the Intermarket Analysis For 4th Week perhaps on Monday.
Scroll down for a summary.
Anyway, let's look at what the chart are telling us and where the market is likely to go.
Sectors and Industries
Dollar & Commodities
Okay here is a summary of what to expect based on the what the charts are telling us:
- There is indecision in the weekly charts of the indexes. Daily, markets are still in an uptrend and therefore we remain bullish bias.
- In the 60 min charts, there are quite a lot of bullish continuation patterns forming. So, our bias is bullish. If no drop or gap down we remain bullish bias.
- Oil is still in short term uptrend and traders should remain long as long as it is above its rising 60 min 20 MA. Long term oil looks good to.
- Gold and silver may be consolidating a bit because of the huge supply on weekly charts.
