Good retail sales from Black Friday and Cyber Monday as well as gleams of hope for European debt crisis propelled stocks to have the best week in two years . SP 500 index closed this week at 1244 up 7.39%, the Dow Jones Industrial Average gained 7.01%, and the Nasdaq composite index increased 7.59%.
We have experienced dramatic volatility in the past few weeks. Major stock indexes went up and down for more than 4% in a week. From the weekly chart, S&P 500, after failing to hold above the trend line in October, dipped to 1150 and bounced back above the trend line again. Short term, there is a support at 1120 level, and there seems to be a resistance at around 1250 which is where we are right now. It will be very interesting to see if the index will hold up and break the resistance this time.
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