What a week for the markets!?! After Fed Chairman Bernanke’s dovish comments on Wednesday, buyers rushed in and drove stocks back up to all-time highs! I was a bit more cautious in my forecast last weekend, "For the new week, with Asian markets trading lower overnight, we might see things a bit shaky to start the week. SPX has an immediate resistance at 1640, while Nasdaq has a resistance at 3500. We might see things range-bound here for a bit."
The market did stay range-bound ahead of Fed’s comments, but, was already above SPX 1640 on Wednesday. Thursday was a big jump above 1675 and a slight follow-through to 1680 on Friday. We had another nice week with some of our big gains still in play. Here are the closed trades:
For the week, the Dow was up +328.46 points; SPX popped +48.3 points; Nasdaq jumped +120.7 points. Gold enjoyed an "up" week for a change, trading around $1285/ounce. Oil broke out higher to trade near $106/barrel. At the time of this writing, Asian markets were mostly higher. Let’s see where the US markets stand after Friday’s close:
On Friday, SPX added +5.17 points to close at 1680.19. the daily MAs turned up and the MACD went higher.
Nasdaq gained +21.78 points to close at 3600.08. Its daily MAs also turned up!
Nasdaq broke out above its resistance at 3500, while SPX is testing its resistance at 1680. For the new week…
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