Wang’s Happy Trading

Happy weekend! It was another great week for the markets! We’ll be looking at mainly weekly charts today. Normally, we’d be looking also at monthly charts at the end of the month. But, since we have 1 more trading day for the month, I’ll have to do a special monthly review on Monday.

The DOW

DOW is climbing its weekly upper BB and the MACD is positive. We’re going to see the similar charts for many indices. They are all pretty bullish!

SPX

Same story for SPX, climbing weekly upper BB, positive MACD!

Nasdaq

Nasdaq just caught its upper BB and it’s pushing it open. The MACD is positive and rising; also, the weekly MAs now show the bullish formation with 10- above 20- above the 30-wk MA!

SOX

Similar to the other indices, it is climbing its weekly upper BB; its MACD is positive and rising; and, its weekly MAs are in the bullish formation!

OIH

OIH had a strong week. It has now recaptured its weekly upper BB! As I have been saying for a month, since last month’s review on 3/31, OIH has room to go up! It is getting more and more toppy. But, the drillers are receiving lots of renewed interests. We’ll have to watch this sector closely and see what the monthly chart shows us on next week.

GLD

GLD, and the metals as a sector, took the week to consolidate. GLD closed below the 68 resistance. Let’s also watch this sector closely to see where the consolidation will take it.

BTK

The biotechs had another good week. BTK is just riding along the upper BB with rising MACD!

So the markets still seem bullish and strong! The fact that we closed out the week strong without many profit-takers is a confidence booster. People left their money in the markets even though the GDP report wasn’t all that great, although MSFT’s earnings and the consumer sentiment might have helped! With the Feds meeting coming up in a week-and-a-half, on 5/9, any weak economic news might be seen as good news in this bullish market environment!

Enjoy the rest of your weekend and HappyTrading! ™