Stocks took a breather after five weeks of advance. Oil prices fell as data showed unexpected increase of inventory in US. Mixed data in housing sales and Fed's comments about raising interest rate also did not help the stock markets. For the week S&P 500 index closed at 20359, down 0.67%, Dow Jones Industrial Average lost 0.49% while technology laden NASDAQ composite index decreased 0.46%.
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| Weekly chart of S&P500 index |
S&P 500 index is making attempt to break the 2050 resistance level. As we have discussed last week, this resistance is quite strong and we will see how the index react to it this time.
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