Wang’s Happy Trading

from My Happy Trading.com

The market eked out a small gain with SPX adding only +1.88 points for the week.  However, the techs were stronger.  Nasdaq gained +38.42 points.  The general sentiment on the market was better as the dollar bounced strongly and oil prices fell lower.  Commodities continued to be on the weak side.  Gold closed below $800/ounce.  Other commodity-related areas, such as mining and agriculture, tried to bounce, but, still ended lower.

Let’s see where the market stands:
SPX

On Friday, SPX added +5.27 points to close at 1298.2, just below the 1300 level.  Its daily MAs curved up and the MACD went higher.

Nasdaq

Nasdaq slide 1.15 points to close at 2452.52, above the 2450 level.  Its daily MAs and MAcd continued to go higher.

For the new week, the market still looks strong and has room to go higher.  Going above 1300, SPX’s next resistance is at 1340.  Nasdaq closed above 2450 and could go to 2550 before finding solid resistance.  We will continue to watch the financial sector carefully.  Also, we’ll have to see if the dollar can keep on climbing…

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