Last weekend, in my Market Forecast, we discussed,
"For the new week, it seems this market just does not want to go down. Techs still appear strong. Nasdaq has resistance between 3090 and 3100. SPX seems to have resistance at 1410. We may see the market testing the resistance levels. Whether or not it will break them, we’ll have to see how things go during the week."
Well, on Monday, both SPX and Nasdaq popped higher to test their resistance levels. But, by Tuesday afternoon, things started to come back down. We locked in some profits on the longside before the market pulled back. On Wednesday and Thursday, things fell lower. However, by Friday’s close both SPX and Nasdaq came back up to close just below the forecasted resistance levels.
You might be reading 5 to 10 articles (not to mention watching hours of CNBC) each week trying to piece together a picture for the market’s direction. Every weekend, before the week even starts, I sum up what the market could do in one simple paragraph, about 5 to 6 sentences. Wouldn’t you think with that kind of advantage, it’ll help your trading/investing? To get my full Market Forecast every week, just follow the link below to subscribe to HappyTrading Premium Articles and Email Alerts:
March quickly went by, and the market closed up its best first quarter in over 10 years. We also had a great month, especially with our Ecstatic Plays, with multiple triple-digit gainers. Click here to see our trade results.
For the week, the Dow was up +131.31 points; SPX added +11.36 points; Nasdaq gained +23.65 points. Oil finally went down for a week and gold was slightly up. At the time of this writing, Asian markets were mixed, with China bouncing a bit and Japan pushing higher. Here’s how the US market closed on Friday,
SPX added +5.19 points to close at 1408.47. It managed to close above its daily MAs. But, the MACD slid.
Nasdaq slipped 3.79 points to close at 3091.57. It also closed above its daily MAs. Its MACD was slightly lower.
Both SPX and Nasdaq struggled with their respective resistance levels. However, they did manage to make new highs for 2012! For the new week…
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