July 01, 2012 at 22:47 PM EDT
Market Forecast + Sector Watch: SPX, Nasdaq, XLF, BTK, FDN, IGV, UNG, MA, V, JPM, GS, VVUS, ARNA, ALXN, MDVN, CRM, VMW, FFIV, TIBX, OXY, CVX, XOM, APA, APC
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 [...]

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!

We wrapped up a fabulous month of June, with a plethora of big winners.

(to subscribe to our Premium Services, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video)

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:

SPX

On Friday, SPX added +33.12 points to close at 1362.16.  Its daily MAs and MACD turned up.

Nasdaq

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…

To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the Premium Services (click here) page. If you are already a subscriber, please click here: Market Forecast 7/1/12.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here