Concern about Fed's tapering of bond buying program in September and US' military strike of Syria push stocks down for another week. Stocks ended up down for the week and down for the month of August with S&P 500 index closed at 1632, down 1.84%, Dow Jones Industrial Average lost 1.33%, and Nasdaq composite decreased 1.86% for the week.
Technical picture of S&P 500 index shows stock markets remain in correction mode. In the daily chart, S&P 500 index has failed to break above its 50 day moving average at 1660, while trying to build a short term bottom in the last three trading days at 1630. In the weekly chart, the index has closed near its support line with its momentum indicator heading downwards. We will see if the trend line support at 1620-1630 can hold the falling index.
Daily chart of S&P 500 index
Weekly chart of S&P 500 index
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