Markets were boosted by President Trump's statement again after moving side way for the first three days of the week. This time, he promised on Thursday for "something phenomenal in terms of tax" and Dow Jones Industrial Average went up more than 100 points. Stocks rallied again on Friday and push all the major indices to new highs. For the week, S&P 500 index closed at 2316, up 0.81%, Dow Jones Industrial Average gained 0.99% while technology laden NADASQ composite index increased 1.19%.
S&P 500 index broke above the short term resistance of 2300 and heading higher. The index is way above its trend line with high momentum. We remain cautiously optimistic that the up trend will continue for a while.
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| Weekly chart of S&P 500 index |
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