Encouraged by Fed's decision not to raise interest rate in September and its dovish attitude toward the expected coming rate hike, stocks headed higher for the second week. For the week S&P 500 index closed at 2164, up 1.19%, Dow Jones Industrial Average gain 0.76% while technology laden NASDAQ composite index increased 1.17%.
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| Weekly chart of S&P 500 index |
S&P 500 index continued to rebounded from its 28 week moving average support for the second week. The index opened at 2144, reached the 2175 resistance area in mid week, and settled back down at 2165. Continuation of this rally requires a successful breaking of the 2175 resistance level. As the first try has failed but still within striking distance, we will find out in the coming weeks the outcome of the second try.
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