Stocks went sharply lower at the beginning of the week as energy prices collapsed due to weakness in global demand. Oil future went down to negative $37 at one point but moved back to positive the next day. Stocks recovered at midweek as U.S. House of Representatives passed the second relief funding package of $480 billion for small businesses. For the week, S&P 500 index went down 1.3% to 2836, Dow Jones Industrial Average lost 1.9% , and the technology laden NASDAQ composite index decreased 0.2%.
After two weeks of advancement, S&P 500 index took a pause and ended the week with an indecision pattern at the upper weekly trading range. As the bears and the bulls battle it out, the outcome of next week should tell us if the rally will continue or not.
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| Weekly chart of S&P 500 index |
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