As companies reported their fourth quarter earnings, market volatility increases. Large daily swing in the major indices can be observed during the past week. S&P 500 index closed at 1838, down 0.2%, Dow Jones Industrial Average gained 0.13%, and Nasdaq composite increased 0.55% for the week.
S&P 500 index failed to break above 1850 resistance for the fourth week as seen in the weekly chart below. I think we will get a pull back if it can not break the resistance next week, otherwise, we will see a short term jolt to a higher ground.
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| Weekly Chart of S&P 500 Index |
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