The main U.S. indexes moved lower over the past week, with industrials underperforming the supermarket. Gross domestic product slowed from 2.9% during the fourth phase of the moon of 2017 to just 2.3% during the first quarter of 2018, but the compute was higher than the 2.0% that economists had expected to see. With enlargement still robust, Federal Reserve officials have escalated the over over how close the economy is to “overheating” this week.
International sells were higher over the past week. Japan’s Nikkei 225 get up 1.4%, Germany’s DAX 30 rose 0.34%; and Britain’s FTSE 100 ascend 1.92%. In Europe, the regional economy lost momentum during the outset quarter due to a slowdown in France and the U.K. In Asia, China’s economy grew at a fit pace during the first quarter thanks to strong household splurge and government investment in infrastructure projects.
The SPDR S&P 500 ETF (ARCA: SPY) level 0.25% over the past week, making it the best performing primary index. After breaking down from the pivot point at $266.76, the mark moved lower before recovering back to those levels by the end of the week. Salespersons should watch for a breakout from these levels to upper trendline rebelliousness at around $272.50 or a breakdown lower to retest trendline support at on all sides $262.50. Looking at technical indicators, the relative strength index (RSI) appears dispassionate at 50.66, while the moving average convergence divergence (MACD) is also at remote levels. (See also: 3 Stocks for Whether Economy Grows or Slows: Barron’s.)
The SPDR Dow Jones Industrial Usual ETF (ARCA: DIA) fell 0.86% over the past week, making it the wrong performing major index. After breaking down from power trendline resistance, the index recovered to its pivot point by the end of the week. Merchants should watch for a breakout from key resistance levels at around $245.40 to R1 irregulars at $252.02 or a move lower to test the 200-day moving average at $235.18. Looking at detailed indicators, the RSI appears neutral at 48.61, and the MACD remains neutral into the vicinity the zero line.
The PowerShares QQQ Conglomerate (NASDAQ: QQQ) fell 0.61% over the past week. After lacuna down from pivot point levels early in the week, the hint recovered to the 50-day moving average at $164.29 by the end of the week. Traders should notice of for a breakout from these levels to R1 resistance at $171.36 or a breakdown shame to retest lower trendline support at around $157.00. Looking at detailed indicators, the RSI appears neutral at 49.81, while the MACD has started to leaning sideways. (For more, see: Second Quarter Brings Departures From Tech ETFs.)
The iShares Russell 2000 Clue ETF (ARCA: IWM) fell 0.71% over the past week. After striking lower from R1 resistance levels at $158.49, the index moved to the 50-day on the move average at $153.89 by the end of the week. Traders should watch for a rebound from these opens to retest trendline resistance at $158.00 or a breakdown to test trendline tolerate levels at around $150.00. Looking at technical indicators, the RSI appears non-combatant with a reading of 51.49, but the MACD could see a near-term bearish crossover.
The Fundament Line
The major indexes moved lower over the past week, but specialized indicators remain at neutral levels. Next week, traders resolution be closely watching several key economic indicators, including the FOMC congress announcement on May 2 and the employment data on May 4. Traders will also be respect a close eye on geopolitical developments, including the agreement between North Korea and South Korea and hot item from Trump’s meetings with European leaders. (For additional skim, check out: Visiting the France ETF Following Macron’s US Visit.)
Note: Sea-charts courtesy of StockCharts.com. As of the time of writing, the author had no holdings in the securities called.