Weak earning reports and guidance from Apple and Amazon pulled down the technology sector and stocks markets even though US economy grew faster in third quarter than expected. For the week S&P 500 index closed at 2126, down 0.69%, Dow Jones Industrial Average gained 0.09% while technology laden NASDAQ composite index decreased 1.28%.
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| Weekly chart of S&P 500 index |
S&P 500 index has been struggling after reaching the high of 2190 in August. The index is trying to consolidate around 2120-2125 level which happens to where the 28 week moving average is right now. The support looks to be very strong as the index touched the support level three time in the last three weeks and rebounded each time. If the support holds for another couple of weeks, we should see markets resume its advance.
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