Stocks traded at the similar pattern as last week: Rally on Friday saved the sell-off in the mid-week. US payroll data showed economy created 230k jobs and the unemployment rate ticked down to 5.4%. Despite strong dollars and week oil prices, company earning has been stronger than expected. For the week S&P 500 index went up 0.37% and closed at 2116, Dow Jones Industrial Average gained 0.93%, and Nasdaq composite index decreased 0.04%.
S&P 500 index is still trading within the 2040 and 2120 channel. The index has rebounded several times from its 28 week moving average and the momentum indicator has turned upwards. Most likely the index will break though the resistance on the upside.
 |
| Weekly chart of S&P 500 index |
No comments:
Post a Comment