Stocks marched higher for another week as investors' sentiments, boosted by positive news on slower coronavirus infection and hospitalization in the US, remains elevated. For the week, S&P 500 index went up 3.0% to 2874, Dow Jones Industrial Average gained 2.2% , and the technology laden NASDAQ composite index increased 6.1%.
S&P 500 index closed the week solidly above the 50% Fibonacci retracement level of 2795 and is heading toward the 61.8% retracement level of 2935 which is also close to the resistance form the declining 28 week moving average. With the dual pressures, this 2935 level will be a strong resistance for S&P 500 index in the coming weeks. The behavior of the index around this level will provide us a very good indication about the market direction.
 |
| Weekly chart of S&P500 index |
No comments:
Post a Comment