Boosted by positive market sentiment better than expected company earning reports and encouraging economic data, stocks continued to march higher and made new high. For the week S&P 500 index closed at 2161, up 1.49%, Dow Jones Industrial Average gained 2.04% and the technology laden NASDAQ composite index increased 1.47%.
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| Weekly chart of S&P 500 index |
S&P 500 did not look back after breaking above the strong 2125 resistance level last week. Its already strong weekly momentum is trending higher to carry the index further. The 2125 level now turns into a support level and we expect the index to come down in a few weeks to test this level. Continuation of the uptrend won't be confirmed unless the support is successfully tested.
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