Last weekend, in my Market Forecast, we discussed:
"For the new week, it looks like this market needs to work off more steam before the earnings season starts. Again, the pullbacks should be shallow. The immediate support for SPX is at 1450. We could see another week of tight-ranged trading, unless there is significant news to drive the market higher. Major sectors are all seeing some profit-taking."
The market was indeed weak to start off on Monday. But, buyers came in in the afternoon. However, selling resumed when demonstration in Spain went out of hand. The selling continued on Wednesday and we locked in some nice overnight trades on the downside. Thursday saw some bounces and Friday ended in volatility as the market wrapped up a strong quarter.
We finished this month with strong trades filled with triple-digit winners.
For the week, the Dow was down 142.34 points; SPX fell 19.48 points; Nasdaq dropped 63.73 points. Gold was flat and oil slipped lower. At the time of this writing, Asian markets were lower, although China and Hong Kong markets were closed for holiday. This is how the US market closed on Friday:
SPX fell 6.48 points to close at 1440.67. It closed at its 20-day MA. The MACD slipped.
Nasdaq dropped 20.37 points to close at 3116.23. It closed just above its 30-day MA. Its MACD went down.
Both SPX and Nasdaq fell last week, but, stayed above their respective 30-day MA. For the new week…
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