Last week, the market really didn’t go anywhere. It struggled to find a direction. Big movers were mostly from earnings and/or news, as I mentioned in the weekly wrap-up. On Wednesday, SPX pushed higher to test 1525, but, retreated immediately. On Friday, the market looked weak and showed signs of fatigue once again. Energy and mining stocks led the decline.
For the week, the Dow was down 11.21 points; SPX added +1.86 points; Nasdaq slipped 1.84 points. Gold took a big drop to close at around $1610/ounce; oil was pretty much flat. After the lunar new year break, Asian markets were slightly lower at the time of this writing and seemed to be struggling to find a direction as well. Here’s where the US market stood after Friday’s close:
On Friday, SPX was down 1.59 points to close at 1519.79. Its daily MAs were little changed, but, the MACD went lower.
Nasdaq slipped 6.63 points to close at 3192.03. Its 10-day MA flattened and the MACD was slightly lower.
Both SPX and Nasdaq were tightly bound all week last week. For the new week…
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