Last week, in my Market Forecast, I said,
"For the new week, I think we’ll see some bounces to start the week. We’ve got some tech heavyweights reporting in the coming week, including INTC, YHOO, and GOOG. GS also reports on Thursday. Friday is a market holiday. I think Nasdaq 4000 is a strong support. We should see some buying in techs.
Things pretty much happened as forecasted. We saw buying on Monday. Techs bounced. Tuesday was a volatile, but, ultimately flat day. After the market, both GOOG and IBM missed their earnings estimates. But, no matter, buyers kept on buying and kept Nasdaq above 4000.
For the week, the Dow was up +381.75 points; SPX added +49.16 points; Nasdaq gained +95.79 points. Gold sank back to below $1300/ounce while oil traded above $104/barrel. At the time of this writing, Asian markets were mixed last week. But, Nikkei (Japan) followed US higher with a bounce of its own. Let’s see where the US markets stood after last week’s close:
On Friday, SPX added +2.54 points to close at 1864.85. It closed just above its 30-day MA. The MACD was up.
Nasdaq gained +9.29 points to close at 4095.52. It closed above its 10-day MA. The MACD turned higher.
SPX is still staying strong, once again closing above its daily MAs. Nasdaq, on the other hand, is struggling, barely finishing above its 10-day MA. For the new week…
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