Last weekend, in my Market Forecast, I said:
"For the new week, the market may get a slow start. After stuttering for 3 days, this market is ready for a bigger move up, although it may need to slip back a bit. Upper resistance is still at 1420. If the market does slip back, support is between 1400 and 1390."
Things happened as forecasted once again. On Monday, the market pulled back just below 1400, but, bounced higher before the close. The market treaded water on Tuesday and Wednesday, and, many analysts started calling the market top. In my article on Tuesday, I disagreed, and, thought that the market would test 1420 soon. Well, on Wednesday afternoon, we started loading up on the longside. On Thursday, the market rallied higher and we were there to captured profits, including an overnight +265% profit on FFIV calls! On Friday, the market glided higher to finish the week at 1418.16, less than 2 points from 1420.
Once again, the market finished higher, its 6th straight week! We also had a great week, adding a big win on AAPL on Friday.
For the week, the Dow was up +36.9 points; SPX added +12.29 points; Nasdaq gained +55.73 points. Oil went higher, closing above $96/barrel, while gold reached $1620/ounce. At the time of this writing, Asian markets were mostly lower, although Japan was up about 50 points, or +0.5%. Here’s how the US market looked after Friday’s close:
SPX added +2.65 points to close at 1418.16. Its daily MAs and MACD glided up.
Nasdaq gained +31.46 points to close at 3062.39. The daily MAs and MACD went higher.
Both SPX and Nasdaq propelled higher. At the same time, VIX went below 14! For the new week…
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