Last weekend, in my Market Forecast, I wrote:
"For the new week, earnings will continue to come in, but, the broader market may be range-bound. Even if the market makes a bounce, upside could be limited. First resistance should be between SPX 1420 and 1430. Nasdaq’s 3050 could now be a resistance….
Gold has become bearish. Financials fell last week and are in danger to turn bearish. Agricultures are holding up well, but, also are starting to show weaknesses."
Well, due to the storm, the market was closed on Monday and Tuesday. The market bounced higher on Wednesday and Thursday ahead of the jobs report. Friday morning, the market open strongly on a healthy jobs report. SPX briefly went above 1430 and Nasdaq got close to 3050. However, selling began immediately, and the market gave back the gains made for the week, basically closing the week flat. Gold took a sharp fall as the dollar jumped on the healthy jobs report.
For the week, the Dow was down 14.05 points; SPX added +2.26 points; Nasdaq slid 5.82 points. Gold sank nearly $40 on Friday, closing at around $1676/ounce. Oil fell to $85/barrel. At the time of this writing, Asian markets were mostly lower. Here’s where the US market closed on Friday:
On Friday, SPX fell 13.39 points to close at 1414.2. It closed below its daily MAs and the MACD went down.
Nasdaq dropped 37.93 points to close at 2982.13. It also closed below its daily MAs. Its MACD was flat.
Both SPX and Nasdaq closed below their respective daily MAs. VIX popped on Friday. For the new week…
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