DOW On Track For 5th Straight Losing Week

Hello traders everywhere. As we head into afternoon trading on the verge of the holiday weekend there isn't much to rejoice about in the stock market. The DOW is on track to post it's fifth straight weekly loss standing at roughly -.80% on the week. Not to be outdone the S&P 500 and NASDAQ will post their third straight week of losses losing -1.7% and -2.1% respectively.

The mounting losses are all due to the ongoing trade war/negotiations with China. Stocks are in the green after President Trump said that the ongoing trade war could be over quickly, he told reporters on Thursday afternoon he expected the U.S.-China trade war to end swiftly. He also noted a trade deal with China could lift tough restrictions on the Chinese telecom giant Huawei.

5th Straight Losing Week

Crude oil prices are down more than -7% this week as trade worries spilled over to other markets. The increased tension in the U.S.-China trade war, which has investors increasingly worried about the state of the global economy and, by extension, the outlook for global oil demand growth for the rest of the year. Oil prices were battered by the clouded outlook on the global economy and oil demand, on top of Wednesday's bearish EIA inventory report, which showed a crude oil inventory build of 4.7 million barrels in the week to May 17.

Bitcoin has once again traded above $8,000 gaining +5.6% on the week. That's, in turn, helped the 200-day moving average begin to curl upwards in favor of the bulls for the first time since May 2018. Will the upward momentum continue or will we see profit-taking shortly as the list of long-term technical indicators signaling a bull market continues to grow.

Key Levels To Watch This Week:

Every Success,
Jeremy Lutz
INO.com and MarketClub.com

One thought on “DOW On Track For 5th Straight Losing Week

  1. Dow J higher wave 2 up in process . The DJI bottomed at 24680.57 , my target guess was 24,000 this was not reached . I talked about the DJI rebound , my target is about 26,000 guess ... Minor wave 4 peak was 25,957.63 , I feel just above this minor wave 4 high is the target higher wave 2 top , but rebound could go a little further .

    The next wave down is the big one higher wave 3 , so keep this in mind after this trend up has finished .
    The Indian guys target of 24,500 and 24,300 was closer than mine , still a guess , getting these targets exact is dreaming .
    A rough guess is what we get .

    I predicted the DJI down to around 20,000 , so if I get this right , plenty of excitement still to come .

    Gold It seems I got gold a little wrong this wave up seems to be still minor wave 5 of wave 5 of higher wave 3 TOP
    I thought this top had been reached counting waves is tricky . HIGHER WAVE 3 TO TOP THEN DOWN

    I get things wrong a little now and then .

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