Stocks opened the year with a small loss as investors took profit from the impressive gain in 2013. S&P 500 index closed at 1831, down 0.54%, Dow Jones Industrial Average lost 0.05%, and Nasdaq composite decreased 0.59% for the week.
Economic outlook for 2014 looks favorable and the technical picture in weekly chart of S&P 500 index stays the same with high momentum trending upwards. The uptrend is expected to continue for another few weeks. However, the index has been trading along the upper boundary of its upward trading channel for a while and is susceptible to be pulled back down by external disturbance.
 |
| Weekly Chart of S&P 500 Index |
No comments:
Post a Comment