First week of July quickly went by as Tuesday was a half day and Wednesday a holiday for 4th of July. Last weekend, in my Market Forecast, I said,
"For the new week, the market starts at the breakout point. Above 1360, SPX should test 1380. Nasdaq could test 3000. We might see a slow start on Monday, as Friday’s pop was quite dramatic."
Things pretty much went as forecasted. The market had a slow start on Monday, but was able to continue to push higher on Tuesday. In my article on Wednesday, I said that the market may need a breather. The market started to falter on Thursday, although hiring from private sectors was pretty good. On Friday, the jobs data was not bad with unemployment rate sticking at 8.2%, but, the nonfarm payrolls was lower than expected. The market took the cue to take some profits, rather sharply, and erased the week’s gain.
For the week, the Dow was down 107.62 points; SPX slipped 7.48 points; Nasdaq eked out a gain of +2.28 points. Gold slipped below $1600 and oil was basically flat. At the time of this writing, Asian markets were lower, following US market’s pullback on Friday. Let’s where the US market closed:
SPX slipped 12.9 points to close at 1354.68, below 1360. The daily MAs glided up, but, the MACD flattened.
Nasdaq fell 38.79 points to close at 2937.33. The daily MAs and MACD were slightly higher.
SPX ended the week below 1360, and, Nasdaq barely hung on to a gain of 2.28 points. Interestingly, VIX ended low on Friday as well! For the new week…
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