It was a very volatile week with a big fall on Tuesday. Last weekend, in my Market Forecast, I wrote:
"For the new week, more earnings will come in, but, this week, the market will start from a more bearish stance… Last week’s early gains offset Friday’s sharp fall. SPX’s first support is still at 1400."
Earnings from big bellwethers such as AMZN and AAPL turned out to be "non-events" that only added to more intraday volatility. Monday was a flat day. Tuesday was a sharp drop. Then, for the rest of the week, the market traded in a very tight range and really didn’t go anywhere. SPX did come down to as low as 1403.28 on Friday before getting a small bounce.
We didn’t trade much and had a mixed week:
For the week, the Dow was down 236.3 points; SPX lost 21.97 points; Nasdaq slid 17.67 points. Oil took a big fall, down to $86/barrel; gold clipped to just above $1710/ounce. At the time of this writing, Asian markets were mostly lower. Let’s see where the US markets stood after Friday’s close:
On Friday, SPX slipped 1.03 points to close at 1411.94. Its daily MAs and MACD went lower.
Nasdaq added +1.83 points to close at 2987.95. Its daily MAs and MACD also slipped.
Both SPX and Nasdaq hover just above important support levels: SPX 1400 and Nasdaq 2950. For the new week…
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