Stocks ended flat in this light trading week before the Christmas week. Dow Jones Industrial Average made an effort to break above the psychological barrier of 20000 early in the week but only got up to 19987. Mixed economy data from lower durable goods orders and higher home sales did not help to boost the markets as investors were hoping for either. For the week, S&P 500 index closed at 22638, up 0.25%, Dow Jones Industrial Average gained 0.46% and technology laden NADASQ composite index increased 0.47%.
S$P 500 index looks to be consolidating and forming a short term top after bouncing from the 28- week moving average since November. The index is about 5% above the support level and is due for a pause for the moving average to catch up. Technically the up trend is still intact as the index still possesses high momentum and the moving average is trending up.
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| Weekly chart of S&P 500 index |
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