It is still a tug of war between bulls and bears around S&P 500 index around 1850 level, and bulls won this week. S&P 500 index closed at 1864, up 2.71%, Dow Jones Industrial Average gained 2.38%, and Nasdaq composite increased 2.39% for the week.
It is encouraging to see that both S&P 500 and Nasdaq composite indices all rebounded nicely from their 28 week moving averages as shown in the weekly charts below. For Nasdaq composite index, we need another couple of weeks to see if the support really holds. If the support holds, the uptrend appears to continue at a slower growth rate for both indices.
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