Stronger than expected job report Friday pushed stocks higher and erased earlier losses. After policy meeting Wednesday, Fed kept the interest unchanged and dashed investors' hope for a rate cut this year. On the trade front, conflict signals about US-China negotiation confused the Wall street. Some said a deal is imminent and other said the negotiation is at an impasse on enforcement mechanism. For the week, S&P 500 index closed at 2945 up 0.2%, Dow Jones Industrial Average lost 0.14% and technology laden NASDAQ composite index increased 0.22% for the week.
On the weekly candle chart, S&P 500 index display an indecision week. The index opened at 2940, reached the low of 2900 on Thursday and close a bit higher at 2945 on Friday. S&P 500 index is 5.6% above its 28 week exponential moving average (EMA) compared to 5.8% last week. As discussed last week, we will closely monitor the deviation of the index from its 28 week EMA, and adjust our view of the market direction accordingly.
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| Weekly chart of S&P 500 index |
On the weekly candle chart, S&P 500 index display an indecision week. The index opened at 2940, reached the low of 2900 on Thursday and close a bit higher at 2945 on Friday. S&P 500 index is 5.6% above its 28 week exponential moving average (EMA) compared to 5.8% last week. As discussed last week, we will closely monitor the deviation of the index from its 28 week EMA, and adjust our view of the market direction accordingly.
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