Banks stocks kicked off earning report season with large decline in profit but investors seemed to look beyond that and focused on increased revenues from trading and underwriting activities. Encouraging vaccine development news from Moderna Therapeutics and AstraZeneca also boosted investors sentiment. Tech stocks experienced profit taking after reaching all time high and under performed the markets. For the week, S&P 500 index went up 1.25% to 3234, Dow Jones Industrial Average gained 2.29% , while the technology laden NASDAQ composite index decreased 1.08%.
S&P 500 index continued to move side way with positive bias. The index has stayed above the 28 week EMA for 9 weeks since mid-May and its momentum indicator has been climbing higher. Withe the up-trend still intact, we expect the index to march higher, and hopefully not too fast or we will see severe pull-back ahead.
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| Weekly chart of S&P 500 index |
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