Last weekend, in my Market Forecast, I said:
"For the new week, the market may need a little breather once again. SPX’s immediate resistance is now at 1475. Given that a lot people still need to chase performance and retail investors should start to come in after last week’s rally, 1475 could be easily broken. Above 1475, SPX could test 1500. Financials may have gone a little ahead of themselves and may take a back seat this week. Energy and mining stocks still have a lot of catching up to do."
Well, the market did take a breather. After slipping on Monday and Tuesday, the market traded higher on Wednesday. But, it fell again on Thursday, down to test SPX 1450. Friday saw some limited buying with the market closing flat. Financials did pull back, but, energy and mining stocks pulled back as well.
For the week, the market really didn’t go anywhere. The Dow was down 13.9 points; SPX slid 5.62 points; Nasdaq fell 3.99 points. Gold was little changed and oil took a fall down to $92/barrel. At the time of this writing, Asian markets were mixed. Let’s take a look to see where the US market closed on Friday:
SPX slipped 0.11 point to close at 1460.15. Its MACD flattened.
Nasdaq added +4 points to close at 3179.96. Its MACD was also flat.
Both SPX and Nasdaq were basically flat for the week. For the new week…
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