The market pushed higher last week, although not by much. Last weekend, in my Market Forecast, I wrote:
"For the new week, earnings are going to start. Things may be on the slow side until Wednesday, after AA has reported. INFY and WFC report on Friday morning. If things pullback, the nearest support is between SPX 1450 to 1460. If the markets push higher, initial resistance is between SPX 1475 and 1480."
Things were indeed slow until Wednesday. Biotech were very strong and helped push the broader market higher. AA reported well, and things crawled higher ahead of WFC’s earnings on Friday. INFY enjoyed a +19% jump after giving a bullish forecast. WFC gave a solid quarterly report, but, ended Friday slightly down. The broader market, however, held its levels.
We had a fairly good week with most closed trades on the plus side:
For the week, the Dow was up +53.22 points; SPX added +5.58 points; Nasdaq gained +23.97 points. Gold and oil were slightly higher. At the time of this writing, Asian markets were mostly higher with the Chinese market up +2%! Here’s how the US markets closed on Friday:
On Friday, SPX was down 0.07 point to close at 1472.05. Its daily MAs and MACD went up.
Nasdaq added +3.88 points to close at 3125.64. Its daily MAs and MACD were higher as well.
Both SPX and Nasdaq were just slightly higher last week. For the new week…
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