Dovish message on short term interest rate from Fed policy meeting Wednesday boost investor sentiment while worries about Greece' debt crisis subsided a bit this week. Stocks opened lower on Monday but quickly rebounded and climbed higher the next three days before profit taking on Friday. For the week S&P 500 index closed at 2109, up 0.76%, Dow Jones Industrial Average gained 0.65% and Nasdaq composite index ended up higher by increasing 1.3%.
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| Weekly chart of S&P 500 index |
In the past two weeks, S&P 500 index has rebounded from the 28 week moving average supporting trend line. The index has been "flat" since February, trading between 2040 to 2120. As discussed before, the trend line support of the index appears to be very strong, while its momentum is decreasing. The "flat" correction will continue for another few weeks.
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