Stocks went up modestly with strong economic data in March retail sales and housing start and manufacture activities. Investors also focus on company earnings reports as earning season is under way. Less than one fourth of the S&P 500 companies have reported earnings but so far most of the companies have topped the earning estimates by the analysts. Full year earning growth was estimated to be 18% for 2018. For the week, S&P 500 index closed at 2670, up 0.52%, Dow Jones Industrial Average gained 0.42% and technology laden NASDAQ composite index increased 0.56%.
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Weekly chart of S&P 500 index |
S&P 500 index closed above its 28 week moving average for the second week but failed to break the near term resistance at 2700. Weekly momentum indicator of S&P 500 index bounced off oversold threshold of 20 but is still below 50, indicating weak market action in the next couple weeks.
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