Large cap indices retreated a bit at record high levels while technology sectors continued to advance. S&P 500 index closed at 1960, down 0.1%, Dow Jones Industrial Average lost 0.56%, while Nasdaq composite increase 0.68% for the week.
Technical pictures for the major indices remain the same. We still expect some selling pressure as S&P 500 index and Dow Jones Industrial Average are at their record levels and the Nasdaq is at its previous high. The selling pressure looks to be in short term nature with no threat to the current up-trend.
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| Weekly chart of S&P 500 index |
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