Executive order from Trump administration to ban immigrants from seven Muslim countries spooked investors, and the markets started the weeks with a sell-off. Markets focusing on political uncertainty lingered the whole week before Friday's strong job report from Labor Department. Stocks rallied on Friday to make up the lost from the previous days. For the week, S&P 500 index closed at 2297, up 0.12%, Dow Jones Industrial Average lost 0.11% while technology laden NADASQ composite index increased 0.11%.
Buoyed by the high momentum, S&P 500 index keeps marching higher. The up trend appears to be intact and continues to trend higher before any meaningful correction occurs. 2300 looks to be a short term resistance for S&P 500 index and we will find out the strength of this resistance in the next couple weeks.
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| Weekly chart of S&P 500 index |
Buoyed by the high momentum, S&P 500 index keeps marching higher. The up trend appears to be intact and continues to trend higher before any meaningful correction occurs. 2300 looks to be a short term resistance for S&P 500 index and we will find out the strength of this resistance in the next couple weeks.
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