Last weekend, in my Market Forecast, I wrote:
"For the new week, we may get a slow start. AAPL’s earnings on Tuesday after market could be one of the deciding events this week. If the market were to turn higher, we’ll need to see the financials and/or the semiconductors rally. Financials along could do the trick, as they would lead the other techs higher."
We did indeed get a slow start. The market dropped on Monday right at open, testing SPX 1360. It spent the rest of Monday and Tuesday climbing back up, awaiting for AAPL’s earnings. Then, AAPL reported a blowout quarter. The market jumped on Wednesday morning, erasing all of the loss on Monday and closed above 1390. The rally continued on Thursday, and was followed by another blowout earnings… this time, from AMZN! The market thought out pulling back a bit on Friday, but, still ended higher, with SPX closing above 1400.
For the week, the Dow was up +199.05 points; SPX added +24.83 points; Nasdaq jumped +68.75 points. Bot gold and oil closed higher for the week, with gold above $1660/ounce and oil above $104/barrel. At the time of this writing, Asian markets were mostly higher. Here’s how the US market closed on Friday:
SPX added +3.38 points to close at 1403.36. It closed above its daily MAs. The MACD turned higher.
Nasdaq gained +18.59 points to close at 3069.2. Its 10-day MA went up and the MACD was higher.
Both SPX and Nasdaq closed above their respective daily MAs. VIX sank below 17. After 3 days of rally, can this market continue higher? For the new week…
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