Entering text into the input field will update the search result below

The 1-Minute Market Report - May 29, 2020

Erik Conley profile picture
Erik Conley


  • It was another strong week, up 3.2% on the S&P 500.
  • The rally from March 23 is losing momentum but is still going.
  • The worst of the pandemic and the economic damage it has wrought are not over yet.

What happened last week, and what it may mean for the market in the coming weeks and months.

The week just past

It was another strong week, up 3.2% on the S&P 500. It was a repeat of last week's 3.2% gain and it accomplished it in just 4 trading days after Monday's holiday. Will we follow in the footsteps of the 1990's Chicago Bulls and have a three-peat?

Sports fans will recall that the first three-peat made basketball history. Then Michael Jordan retired to pursue a baseball career. That didn't work out, so he returned to the Bulls and led the team to a second three-peat. It will take a long time for that winning streak to be surpassed.

Last week we had two big up days (Tuesday and Wednesday), one down day (Thursday) and one mediocre day. The net result was a gain of 3.2% for the week.

The Triple Cross Indicator

The Triple Cross chart plots three moving average crossovers - short, intermediate, and long. The idea is to give you a sense of market momentum at these three time frames.

In a normal upward trending market, all three lines will be above zero. In a bear market they will be below zero. In between, the short moving average (red line) acts like the canary in the coal mine and warns of possible trouble ahead. This line is very twitchy, so only the most active traders should act on it.

The intermediate moving average (black line) isn't as twitchy as the red line. It avoids some of the whipsaws that the red line can cause. When the black line moves above or below zero it's a good indication that the intermediate trend in the market has changed.

The long moving average (brown line) serves as confirmation that

This article was written by

Erik Conley profile picture
Trader, analyst & portfolio manager, from 1975 - 2001. Former head of equity trading at Northern Trust Co. in Chicago. Now a private investor, founder of a nonprofit investor advocacy firm, and private investing coach. It gives me great satisfaction to teach retail investors the same skills and strategies that I used with my high net worth clients as a private wealth manager. It may be a cliche, but giving something back to the community is more rewarding to me than helping very rich people get even richer.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.