Weekly Outlook 5/2 - 5/6

     The main event for the week will be Jerome Powell's rate hike on wednesday this week. The Fed increasing interest rates is the main reason for the market correction these past months. A 50 basis point hike is expected. Anything different will surely move markets. we might even possibly get a big move in the markets off of the expected 50 point move as well. Yields started the week on the rise so we can expect the 50 points at least. $iShares 20+ Year Treasury Bond ETF (TLT.US)$ $Cboe 20+ Year Treasury Bond ETF Volatility Index (.VXTLT.US)$

     The dollar index started the week in the green. Possibly in anticipation of the rate hike. Also may have something to do with many world markets being closed for some time this week. $Powershares Exchange Traded Fd Tst Db Us Dollar Index Bullish Fund Etf (UUP.US)$ $Wisdomtree Trust Bloomberg U S Dollar Bullish Fd (USDU.US)$ $DB US Dollar Index Bearish Powershares (UDN.US)$

    Many world markets will be closed for some time this week. Most importantly Chinese mainland markets will be closed for the firs part of the week and Hong Kong markets will be close just Monday. In the past there has been an influx of money into the markets that are still open for trading when others are closed.
     European markets opened the week with a gap down an staying in the red so far. $German DAX Index (.GDAXI.DE)$ $UK FTSE100 Index (.FTSE.GB)$ $France CAC40 Index (.CAC.FR)$ $Netherlands AEX Index (.AEX.NL)$ $Italy MIB Index (.FTMIB.IT)$ $Horizons Dax Germany Etf (DAX.US)$ $Euro Futures(MAR5) (6Emain.US)$
     The overall market looks bearish. Most indicators are overheated to the downside so we may very well see some green at least in the short term.
$SPDR Dow Jones Industrial Average Trust (DIA.US)$
     DIA had one of its worst months it has had in a while. Things are looking very bearish. The price is currently at a zone of support which i has had big bounces off of recently. Price action seems to be making a down tending price channel. It is very possible we could see some green candles in the short term. Possibly a bounce off of the support zone or trending support.

$SPDR S&P 500 ETF (SPY.US)$
     SPY looks even more bearish on the 4 hour candles. The price is in a clear downward price channel. It is near long term support similar to DIA. Also in indicators are oversold. Its possible we may see a green week next week.

$Invesco QQQ Trust (QQQ.US)$
     QQQ is in the same situation as SPY and DIA. May catch a bounce soon. Always watch for the break of lon term support.

$CBOE Volatility S&P 500 Index (.VIX.US)$
     VIX is very elevated near resistance. If we break above here it will not be pretty. More likely that the price will drop from here.

$Bitcoin (BTC.CC)$
    Bitcoin looks more bearish as well falling well below support and making lower highs on the way down.  If equity markets go green next week then BTC will follow suit.

$Crude Oil Futures(APR5) (CLmain.US)$
     Crude made all time highs then corrected near a long term and separate short term trending resistance.

$Gold Futures(APR5) (GCmain.US)$
$Barrick Gold (GOLD.US)$ $VanEck Gold Miners Equity ETF (GDX.US)$ $SPDR Gold ETF (GLD.US)$
      Gold and most other commodities appear to be heading to the downside this week.