Stock Market Analysis

Monday, June 04, 2018

Bulls Return!

Welcome to a new week in the US market!

What did I say last week about how Friday's economic indicators are going to turn out? For those of you who could not remember, here it is:

"Friday is going to be a big one with 2 of the most important economic indicators releasing on the same day! That may cause some cautiousness today causing the bulls to slow down a bit but from the looks of the trend of both indicators, odds are that they are going to turn out well and push the bulls ahead"

And it was EXACTLY so!

Both ISM index and jobs report last Friday, the 2 most important economic indicators every month, turned out better than expected (well, perhaps only I expected them to turn out this well), acting as the catalyst for the market to power upwards, thus completing the bullish reversal pattern of last week. The S&P500 gained 1.08% on Friday itself and with both the technicals and fundamentals lined up so strongly, as well as the US NK summit confirming once again, there are no reasons at all I can find to doubt this new bull leg! In fact, the Nasdaq has already reversed its intermediate trend from neutral back up to bullish and from the way it usually leads the way for the rest of the market, I don't see why the S&P500 won't be joining in soon!

Enjoy the bulls while it last!

For now, the market turns a short term bull trend within the framework of an intermediate neutral trend and primary bull trend.

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