Last weekend, in my Market Forecast, I wrote:
"For the new week, although SPX did climb back above 1580, we’ll have to see if the market can continue on its bullish trend. It seems to be testing 1580 right now. On Wednesday, we’ll get the latest rate decision. We may see a slow start to begin the week. Of course, plenty of earnings are still coming in. We’ll be watching the commodities this week. I think if we see some rotation and/or new money going into the lagging sectors, this market can keep climbing."
The market glided higher on Monday and Tuesday, but, took a nosedive on Wednesday as the PMI data from China was lower than expected. However, dip-buyers immediately came in on Thursday and stocks quickly recovered. On Friday, the latest jobs report showed further improvement and stocks jumped. Major market indices finished at new all-time highs!
For the week, the Dow was up +261.41 points; SPX gained +32.18 points; Nasdaq jumped points. Gold bounced a bit, trading at near $1470/ounce. Oil also went up, closing just below $97/barrel. At the time of this writing, Asian markets were higher. Let’s see where the US markets closed on Friday:
SPX added +16.83 points to close at 16142.42. Its daily MAs and MACD went up.
Nasdaq popped +38.01 points to close at 3378.63. Its daily MAs and MACD also went higher.
Both SPX and Nasdaq broke out higher. Nasdaq was especially strong on Friday. VIX sank to below 13! For the new week…
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