Today, the last trading day of May, I’m going to be looking at where the markets are in comparison to the last trading day of April.
Traders sometimes lose sight of the big picture and big market trends. That’s where the monthly charts come in and are so useful.
If you just look at the action today you might think the general market was down for the month. The reality is that it’s not down and is higher for the month. At the time of this writing, the S&P 500 index is up 1% for the month. The NASDAQ is doing even better and is up 2.4% for the month of May. The DOW is also positive with a gain of 1.3%. In fact, if you look at the charts, the S&P 500 is going to close at an all time monthly high – if nothing dramatically changes from now until the close. The same holds true for the NASDAQ which will be closing at its best levels ever on a monthly basis.
Looking at gold, you can see that this market has really underperformed and is not going anywhere at the moment. For the month of May, spot gold did little to to make the gold bugs happy with a very modest gain of just .39%.
Crude oil, which saw a massive 18.9% gain in April, gave some of that back in May with a loss of 2.2%. That is not so unusual giving the magnitude of the gains seen in the previous month.
The same story held true for the euro against the dollar. April witnessed a very positive upward move in the euro which measured 4.1%. Like crude oil, some of these gains were given back in May with a loss of 2.1%.
Just on the surface of things it would appear as though the major indices continue to be in bull trends, with the S&P 500 and the NASDAQ closing at all time monthly highs. Gold on the other hand continues to go nowhere in a hurry and should be watched to see how the major support level holds between the $1,130 – $1,140 area.
I think you can lump crude oil and the Euro in the same bucket as both markets gave back part of their big April gains.
In today’s video, I’ll be looking at all of these markets plus one stock that I mentioned last week that popped to the upside and deserves your attention.
I’m excited about the opportunities in June and if you haven’t done so already you may want to check out the new MarketClub Options program. You can learn more about this program right here.
Have a great weekend everybody, I’ll see you next week.
Every success with MarketClub,
This article was originally published on INO.com Blog at the following link … What Are The Big Trends?