The Gilmo Report

May 9, 2018

May 9, 2018

The 50-day moving average has been the parallel bar around which the major indexes are spinning, but today we saw oil stocks help to power the S&P 500 Index through its 50-dma. As I indicated in last night’s video report, this would be constructive as the S&P now joins the NASDAQ Composite Index, which regained its 50-dma last week.




NASDAQ Composite Index pushed further above its own 50-dma on higher volume today in a strong move. It also cleared the April highs, which in my view isn’t necessarily all that meaningful since I pay closer attention to the stocks. With things looking as good as they are, we must be open to the possibility of a pullback. But the good news is that the 50-dmas on all the major market indexes serve as very convenient references for near-term support.

The rest of this report is available for Gilmo Report Members only.
The full report will be available 45 days after it is posted. For immediate access: login or subscribe

Gil Morales & Company, LLC (“GMC”), 8033 Sunset Boulevard, Suite 830, Los Angeles, California, 90046. GMC is a Registered Investment Adviser. This information is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to GMC, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Gil Morales & Company, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2008-2017 Gil Morales & Company, LLC. All rights reserved.