US stocks went up early in the week due to strong company earnings but escalating tension in Ukraine pulled the stocks down late in the week. S&P 500 index closed at 1863, down 0.03%, Dow Jones Industrial Average lost 0.29%, and Nasdaq composite decreased 0.49% for the week.
All three major indices closed the week above their 28 moving averages. S&P 500 index is still consolidating around 1850 level while Nasdaq composite is consolidating around its support at 4100. We are approaching the month of May which is seasonally weak month for stocks, so another few weeks of consolidation with downside bias is expected.
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| Weekly Chart of S&P 500 Index |
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| Weekly Chart of NASDAQ Composite Index |
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