Last weekend, in my Market Forecast, I said,
"For the new week, the market stands at an important point. If the market breaks above and away from 1370, we could see a new leg up. However, there’s still weakness in mining and energy sectors. We could see a slow start to begin the week. Then, things could get interesting. If the market breaks out, the financials, ironically, are in a good position to add more gains."
Once again, things happened as forecasted. The market had a slow start on Monday, trading basically flat. Mining and energy sectors remained weak. On Tuesday, however, the market started trading higher. By mid-morning, SPX was above 1370 and on its way to test 1380. In the afternoon, JPM released the positive results of its stress test and stoked the market. Financials led the rally in a big way. Before the day’s end, SPX pushed above 1390! For the rest of the week, the market crept higher and ended the week above 1400.
We had another fantastic week, with many trades doubling. We even traded on the downside on AAPL when it did a quick pullback from $600.
For the week, the Dow was up +310.6 points; SPX added +3.33 points; Nasdaq gained +66.92 points. Gold sank lower to around $1660/ounce, while oil was flat again. At the time of this writing, Asian markets were mixed, but, still showing some slight weakness. Let’s see where the US market closed on Friday:
On Friday, SPX added +1.57 points to close at 1404.17. The daily MAs and MACD glided up.
Nasdaq slipped 1.11 points to close at 3055.26. The daily MAs and MACD were little changed.
It was an impressive week for the US market, with major market indices closing above key levels. The question now is whether the market can continue to push higher after such a strong week. For the new week…
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