Last weekend, in my Market Forecast, I said,
"For the new week, it looks like Nasdaq’s daily MAs are just about to enter into a new bullish phase. The Dow (not shown here) is actually the furthest along, technically. SPX is also showing a new bullish phase. Technically speaking, Nasdaq is lagging. Financials have been leading the broader market on this new breakout. Internets, led by GOOG, have also been among the leaders. Energy and mining sectors have lagged, but, were pulled higher last week as the the broader market rallied. We may see some consolidation sometime next week. But, momentum is strong and buyers may chase the markets higher."
Things started strongly on Monday, with the financials leading once again. On Tuesday and Wednesday, we started to see some consolidation. Although the broader market pushed higher on Thursday, we saw more consolidation on Friday. Nevertheless, all 3 major market indices made gains for the week.
We didn’t trade much last week, as we were expecting some consolidation to happen. However, we did catch some nice trades on AAPL calls:
For the week, the Dow was up +117.04 points; SPX added +9.52 points; Nasdaq climbed +4.7 points. Both oil and gold crept up a bit. At the time of this writing, Asian markets were mostly down. Let’s see where the US markets stood after Friday’s close:
On Friday, SPX slid 2.53 points to close at 1560.7. Its daily MAs and MACD were slightly up.
Nasdaq fell 9.86 points to close at 3249.07. Its MACD flattened.
We finally saw some consolidation last week, but, the indices still ended higher for the week. For the new week…
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