Relief about Greece was replaced with worries about company earnings and global economy growth. Stocks opened the week higher but declined through out the rest of the week. For the week S&P 500 index closed at 2079, down 2.21%, Dow Jones Industrial Average lost 2.86% and Nasdaq composite index ended up lower by decreasing 2.33%.
In the weekly chart, S&P 500 index has given up all the gain from the week before and has fallen back to its 28 week moving average. The tug of war between bull and bear is still in play, and we are still stuck in this flat trading channel between 2040 to 2120.
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| Weekly chart of S&P 500 Index |
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