Last weekend, in my Market Forecast, we discussed,
"For the new week, lots of earnings are coming in. We’ll have to see how WFC and HAL earnings are on Monday morning, but, the market may need to take a quick pause to start the week… SPX 1250 may see some resistance, while Nasdaq has resistance at 2750. If the market does a quick pull back, we could see SPX test 1200. A lot of banks are reporting next week, so, financials are going to be crucial. Of course, heavyweights such as IBM, AAPL, INTC, and EBAY will dominate the tech stocks."
Indeed, the market came down quickly on Monday to test SPX 1200. However, it also bounced off quickly on Tuesday, when financials rallied. After the market, AAPL reported a rare miss on its earnings, and the market slipped again on Wednesday. SPX 1200 was tested again on Thursday morning, but, that support held up again, although the quick falls did give us a chance to catch some fast winners on the downside. On Friday, the market pushed higher with energies and financials in the lead.
For the week, the Dow was up +164.3 points; SPX added +13.67 points; Nasdaq slipped 30.39 points. Both oil and gold were slightly lower for the week. At the time of this writing, Asian markets were mostly higher. Here’s how the US market closed on Friday:
On Friday, SPX added +22.86 points to close at 1238.25. Its daily MAs and MACD went up.
Nasdaq gained +38.84 points to close at 2637.46. Its daily MAs and MACd also went higher.
Both SPX and Nasdaq managed to stay above their respective daily MAs. For the new week…
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