Last weekend, in my Market Forecast, I said,
"For the new week, if the broader market can push above SPX 1560, we might very well see a new leg up! However, financials have been weak. We’ll need to see how strongly the financials stocks can come back after last week’s slide. Tech stocks are a mixed bag, after ORCL’s disappointing earnings. Internets showed some weakness last week. Energy stocks may be interesting to watch. We’ll need to see strength from energy stocks to help push this market higher."
Well, the market struggled to find a direction in the beginning of the week. Things were quite volatile, as the market indices bobbed up and down from one day to the next. It wasn’t until Thursday afternoon, after the banks in Cyprus reopened and things seemed to be orderly, did investors feel more comfortable staying with their positions. SPX ended just shy of 1570!
For the week, the Dow was up +66.51 points; SPX added +12.3 points; Nasdaq gained +22.52 points. Gold slid back below $1600/ounce, while oil climbed above $97/barrel. At the time of this writing, Asian markets were slightly off, with Japan down almost 1%. Let’s see where the US markets stood after last week:
On Thursday, SPX added +6.34 points to close at 1569.19, just below 1570. The MACD crept up.
Nasdaq gained +11 points to close at 3267.52. Its daily MAs and MACD were slightly up.
All three market indices ended the 1st quarter at a new high for 2013; and, for the Dow, it was a new all-time high! The Dow continues to lead the major indices. VIX has fallen to below 13. For the new week…
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