Last weekend, in my Market Forecast, I wrote:
"For the new week, I think we might see some consolidation to start the week. But, once again, the market indices are on a new leg up. Biotechs are really on a tear! Agriculture stocks are shaping up, while semiconductors are still holding. Gold, with last week’s big drop, could slide lower."
The market pause to consolidate. But, by the end of this short week, stocks did push higher on the new leg up. Biotechs also climbed higher. Gold initially did fall lower, but, got a nice pop on Friday to finish the week basically unchanged.
For the week, the Dow was up +21.64 points; SPX added +1.05 points; Nasdaq gained +68.24 points. Gold was little changed, closing around $1250/ounce. Oil fell lower to trade below $93/barrel. At the time of this writing, Asian markets were mixed. On Friday, US markets struggled to find a direction in a short session, but, techs pushed Nasdaq higher:
SPX slid 1.42 points to close at 1805.81. Its daily MAs and MACD were little changed.
Nadsaq gained +15.14 points to close at 4059.89. Its daily MAs and MACD went up.
Although the market paused on Friday, SPX still close above 1800. Nasdaq climbed higher, reaching a new 13-year high! For the new week…
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