Craig Johnson’s

Financial Markets Summary

Thursday, June 21, 2018

U.S. Stock Market (S&P 500 Index) Trends:
       ST – Higher/Neutral, IT – Higher, LT - Higher 
U.S. Stock Market (Nasdaq Composite) Trends:
       ST – Higher, IT – Higher, LT - Higher 
Gold (World Gold Index) Trends:
       ST – Lower, IT – Neutral, LT - Neutral
Oil (West Texas Intermediate) Trends:
       ST – Higher, IT – Higher, LT – Lower 
  
Short Term Trend (ST) – Weeks to months
Intermediate Term Trend (IT) – Months to full year (most important trend for us)
Long Term Trend (LT) - Years
 
  • Crude oil is slightly higher for the week, after four consecutive weeks lower.
  • Oil has dropped about 13% from the intraday high in the second half of May to Monday’s intraday low. Oil had been flat on the week until yesterday when the weekly report provided by the U.S. Energy Information Administration saw a larger decline in inventories than analysts had expected.
  • Most news on oil this week, other than the inventory data, has revolved around the two day meeting beginning today with OPEC, Russia and other major producing countries to review their current production agreement that has held back production by 1.8 million barrels per day for the past 18 months.
  • Further weakness in gold changed the short term trend to lower from neutral/lower.
  • Various short term price support levels will try to provide support in the short term as gold declines.
 

Sources: bankrate.com, bloomberg.com, Dow Jones News, finviz.com, Investor's Business Daily, marketwatch.com, seekingalpha.com, Thomson Reuters/First Call, U.S. Dept of Treasury, individual company web sites and press releases.
 
Leonetti & Associates, LLC views or opinions are as of a certain date and subject to change without notice.  The material contained herein is for informational purposes only and obtained from sources we consider reliable. We make no guarantee as to its accuracy or completeness.  References to specific securities and industries/sectors should not be considered recommendations to buy or sell any security or advisory service.  Past performance is not a guarantee of future results.

 

 

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