US equities ended a turbulent week on a very positive note, the SPX settling +1.8% to 4136, which made for a net weekly decline of -33pts (0.8%). Meanwhile, WTIC settled +$2.78 (4.0%) to $71.34, which made for a net weekly decline of -$5.44 (7.1%).
sp’weekly1c
WTIC weekly
Summary
SPX: A moderate net weekly decline, but like last week, this week saw a spike from around the weekly 10MA. Bulls could see them as floor spikes, and hope for a burst into the 4200s.
Considering ‘everything’ – not least the regional banks, the 4200s look a real stretch.
Weekly momentum is offering a provisional rollover, and might turn negative as of w/c May 15th.
Structure of a H/S is debatable. Bears need to see a weekly close <psy’4K to have some confidence that the March low will be taken out in early summer.
—
WTIC: a third consecutive net weekly decline. Most notable… the March $64s were taken out. Next major support isn’t until 52/50.
—
Miscell’ things…
Hendry is looking more unconventional as the years pass by. Regardless, he makes a great many valid points. For the record, I do NOT like the idea of buying long-term US Treasuries.
My ‘financial foundation’ /priority list…
No debt
Own a property/land
Investments
S/t trading
I’m currently 1 and 4.
–
The Irish sheep… have paid the ultimate price for their ignorance, and blind obedience to authority, as excess deaths remain sustainably elevated. https://t.co/uY3ZKsBjDX
— Philip Calrissian (@Trading_Sunset) May 5, 2023
What I like is that they are comparing the nominal 2023 deaths to those in 2019, rather than just using a five year MA – which would be based on data from 2019, 20, 21, 22, and 23, which makes comparisons look less bad.
Typically, the excess death rate for many western nations is 15-20%. In the case of the UK, that equates to roughly 100,000 dying as a direct result of the shots.
The ultimate issue is whether that excess death rate eventually falls back to normal, or instead climbs, due to possible l/t effects. For that… only time will tell.
–
I would agree with Armstrong that it would take a revolution, but once the CBDCs are rolled out, it will be a degree of control of a society/species that we’ve never seen. The ruling elite will be able to ‘delete’ people who stand up to them with a single key press.
I can’t be hopeful, as the CBDCs are just a few years away. Here in the UK, the Treasury are looking for a provisional rollout in 2025, and I’d expect it to be ‘forced’ within 2028/29.
–
“When all else fails, they take you to war”, the Celente… somewhat calmer and more polite than usual.
–
The weekend
A few days off is most welcome. I’ve sideline entertainment via ‘Star Wars Rebels’, a surprisingly good series, that I wanted to see before Ahsoka airs in August. I’ve still to get around to ‘Breaking Bad’.
As ever, feel free to message me via Disqus or email.
Sincerely, have a restful weekend, and goodnight from London
yours… Philip
—
The weekend post will appear Sat’12pm EST @ https://tradingsunset.blogspot.com, and will detail six of the US equity indexes (monthly candle charts).