Last weekend, in my Market Forecast, we discussed,
"For the week, the market will start with a neutral stance. On the downside, SPX has support between 1325 and 1320. On the upside, pushing above 1345 could bring SPX to test 1360 again."
The market dropped down to test 1310 on Monday, but, bounced right back up on Tuesday. In Tuesday’s evening article, I saw the potential for the market to pop higher. On Wednesday, the market started to climb. Thursday morning, stocks took a quick drop, as no news came out of the Europe summit. However, with about 90 minutes left in trading, buyers start to trickle in. In the last 30 minutes of Thursday’s trading, SPX jumped about 12 points to close near 1330. Thursday night, encouraging news finally came out of the Europe Summit, and, global markets responded positively. The US market vaulted +2.5% on Friday to end the 2nd quarter!
For the week, the Dow was up points; SPX added points; Nasdaq jumped points. Both gold and oil ended higher for the week on Friday’s big jump. At the time of this writing, Asian markets were slightly up. Let’s see where the US market stood after Friday’s close:
On Friday, SPX added +33.12 points to close at 1362.16. Its daily MAs and MACD turned up.
Nasdaq jumped +85.56 points to close at 2935.05. Its daily MAs and MACD also went higher.
Both SPX and Nasdaq jumped higher on Friday to test recent highs. VIX closed below 18. For the new week…
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