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Weekly Market Overview - 5/6/2022
Weekly Stock Market Overview

Major US indices
All three major US indices had a negative week. During the week S&P 500 (^GSPC) sank 8.59 points and closed at 4123.34. It was fifth consecutive negative week. The S&P 500 yearly downtrend started on January 04, 2022 at 4,818.62 and reached 4,062.51 on May 02, 2022, making a 15.69% drop in sixteen weeks.

^GSPC: S&P 500

The S&P 500 monthly downtrend started on March 29, 2022 at 4,637.30 and reached 4,062.51 on May 02, 2022, making a 12.39% slide in five weeks. Wave has formed the Broadening Descending Wedges chart pattern.

^GSPC: S&P 500
The weekly Williams' Percentage Range (W%R) and Moving Avg. Converg./Diverg. (MACD) has bullish divergence. The weekly volatility was 89% above average. Higher volatility means higher risk of gains or losses. The price has risen above Parabolic SAR. More Info.


S&P 500 Members Alerts
More than 22% of S&P 500 component stocks have strongly oversold weekly Williams' Percentage Range (W%R). It is the highest level since March 06, 2020. More than 40% of S&P 500 component stocks have oversold weekly Williams' Percentage Range (W%R). It is the highest level since March 20, 2020. The Williams' Percentage Range (W%R) indicator is usually considered as an early trend reversal warning. The chart below shows how the weekly Oversold Williams' Percentage Range (W%R) on March 20, 2020 signals the S&P 500 downtrend reversal. The S&P 500 index quarterly uptrend started on March 23, 2020 at 2,191.86 and reached 4,818.62 on January 04, 2022, making 119.84% increase in sixty four weeks.

^GSPC: S&P 500 Index
S&P 500 chart

ETF's Indices Alert
This week, the iShares MSCI Emerg Mkts Index (EEM) lost 1.44 points, or 3.40%, and closed at 40.93. The iShares MSCI Emerg Mkts Index weekly downtrend started on April 04, 2022 at 46.78 and reached 40.69 on May 06, 2022, making a 13.02% drop in five weeks.

EEM: iShares MSCI Emerg Mkts Index
The price has fallen below Parabolic SAR. It signals a short term trend reversal. Many traders use SAR value to place their stop loss orders. The EEM price is below the 20 and 50 Day Moving Averages. Williams' Percentage Range is strongly oversold in a weekly time frame. Relative Strength Index, Lane's Stochastic are oversold in a monthly time frame. Williams' Percentage Range, Lane's Stochastic, and Relative Strength Index and MACD have bullish divergence in a weekly time frame. More Info.


ETF's Select Sector SPDR Alert
This week, the Health Care Select Sect SPDR (XLV) slid 0.51 points, or 0.39%. The Health Care Select Sect SPDR downtrend started on April 8, 2022 at 143.42 and reached 128.27 on May 06, 2022, making a 10.56% decline in fifteen business days.

XLV: Health Care Select Sect SPDR
The price bounced down off 200 Day Moving Average. The weekly volatility was 108% above average. The daily Williams' Percentage Range (W%R) is strongly oversold. The daily Lane's Stochastic main line (K%) crossed above the oversold signal line (D%). The stochastic crossover in the oversold area is a bullish signal. The XLV price is below the 20 and 50 Day Moving Averages. More Info.


Sector Rotation
The Energy sector was the strongest sector last week (10.34%), followed by the Utilities sector (1.33%). The Consumer Discretionary sector was the worst performing sector of the week (-2.90%), followed by the Consumer Staples sector (-1.18%).

The Energy sector is the most overvalued sector, followed by Communication Services, while Oil & Gas Drilling, Oil & Gas Refining & Marketing, and Integrated Oil & Gas are among the most overvalued industries. The Utilities sector is the most oversold sector, followed by Consumer Staples, while Drug Retail, Water Utilities, and Personal Products are among the most oversold industries.
The Dow Jones has formed a Triangle chart pattern
The Dow Jones quarterly wave has formed a Triangle chart pattern. The triangle resistance line is broken. Price is retesting the former resistance line.
Sep 17, 2023
The Dow Jones has formed the Elliott Wave Impulse Wave pattern
Almost 6% of S&P 500 component stocks have strongly oversold weekly Lane's Stochastic. It is the highest level since April 03, 2020.
Oct 02, 2022
The S&P 500 - fifth consecutive negative week
More than 40% of S&P 500 component stocks have oversold weekly Williams' Percentage Range (W%R). It is the highest level since March 20, 2020.
May 08, 2022
The NASDAQ price is near the quarterly rising rhannel support level.
The Dow Jones price is near the 200 Day Moving Average.
Dec 04, 2021
The highest number of strongly overbought stocks since January
The NASDAQ Composite index has formed the Rising Channel chart pattern, and price is near the resistance level.
Aug 29, 2020
Bear market correction can be mistaken for the start of a new upswing.
Weekly uptrend has formed a Rising Wedge chart pattern. The Rising Wedge in downtrend indicates that higher level downtrend is not over yet.
Apr 17, 2020
Reduce the risk and use some stop losses techniques
S&P 500 Elliot Wave's cycle consists of eight waves; the five-wave motive phase followed by three-wave corrective phase.
Apr 12, 2020
The Best Trading Strategies for the Trending Market
S&P 500 Elliot Waves Analysis: falling channel has a five sub-waves impulse structure.
Mar 22, 2020
S&P 500 Bearish Trend Analysis
What to expect if the S&P breaks the long term rising channel support trendline.
Mar 14, 2020
S&P 500 Rising Wedge Breakdown
The S&P 500 intermediate trend Rising Wedge breakdown caused the biggest weekly loss since October 2008.
Mar 1 , 2020
NASDAQ biggest weekly advance
It was the biggest weekly NASDAQ advance recorded. More than 30% of S&P members are trading at their highest price in the past 52 weeks.
Jan 7 , 2018
Eighth consecutive positive week
It was the eighth consecutive positive week for S&P 500 index. More than 40% of S&P 500 component stocks have overbought weekly Lane's Stochastic. It is the highest level since April 29, 2016.
Nov 5 , 2017
ETF's Currency Shares Alert.
CurrencyShares Swedish Krona Trust (FXS) weekly downtrend reached 116.62 on September 27, making the biggest weekly drop since October 2015.
Sep 24, 2017
Dow Jones Industrial Average monthly uptrend - five-wave structure.
The Dow Jones Industrial Average monthly uptrend has formed a five-wave structure. It started on April 19, 2017 at 20,379.55 and reached 22,419.51 on September 21, 2017.
Sep 24, 2017
Sixth consecutive positive week for the S&P 500.
Almost 56% of S&P 500 component stocks have overbought weekly Williams' Percentage Range. It is the highest level since December 26, 2014.
Mar 5 , 2017
Third consecutive negative week for the Dow Jones
Almost 40% of S&P 500 component stocks have oversold daily Lane's Stochastic. It is a highest level since November 16, 2012.
Mar 15, 2015
Dow Jones is near 200 Day Moving Average
During the past week, Dow Jones Industrial Average sank 507.65 points or 2.87%, to 17164.95. Williams' Percentage Range and Lane's Stochastic are overbought in a monthly time frame. The Dow Jones price is near 200 Day Moving Average.
Feb 1 , 2015
S&P 500 at highest level since Oct 2007
The major indices and more than a half of S&P 500 members are strongly overbought in daily, weekly, and monthly time frames.
Mar 17, 2013
S&P 500 members Downtrend Resistance Alert
Dow Jones, NASDAQ, and More than 40% of S&P 500 members have the Downtrend Resistance Alert.
Oct 30, 2011
The short-term rally is over
S&P 500 index may break the support around 1100 and move down to the next support area around 1000 - 950.
Sep 5 , 2011
S&P 500 is close to the 50 Day Moving Average
S&P 500 index has fallen below the Parabolic SAR (stop and reversal). Price is close to the 50 Day Moving Average.
Mar 13, 2011
S&P 500 index wave's structure
S&P 500 medium-term uptrend has a five wave's structure. The fifth sub wave is near completion.
Dec 26, 2010
Monthly W%R is strongly overbought for the first time since October 2007
The S&P 500 technical indicators are pretty close to the beginning of October 2007, just a week prior the beginning of the bear market of 2007-2009.
Oct 17, 2010
More than a half of S&P 500 members are overbought
More than 10% of S&P 500 index members made a new 52-week high, but almost a half of them closed this week below the previous week's close.
Sep 12, 2010
S&P 500 members - Trend Support Alert
Daily and weekly indicators are oversold for all three major US indices. More than 28% of S&P members are oversold, and more than 22% have a Trend Support Alert.
Jul 4 , 2010
S&P 500 members - Downtrend Resistance alert
More than 60 S&P members have the Downtrend Resistance Alert. Daily Williams' Percentage Range and Lane's Stochastic are strongly overbought.
Jun 20, 2010
S&P 500 members - uptrend support alert
More than 30% of S&P 500 members have an uptrend support alert. This alert indicates that stock price is near the monthly uptrend support level.
May 23, 2010
Dow Jones Elliott Wave count
Dow Jones gained 68.03% in 53 weeks. The chart has formed a Rising Channel chart pattern. Fifth wave up is in progress.
Mar 21, 2010
NASDAQ at the highest level since September 2008
NASDAQ medium-term trend has formed a five-wave structure. The fifth wave is in progress now. The price is near the trend resistance line (2331.43).
Mar 5 , 2010
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Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.
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