Home > Articles > The Markets > friday update
friday update
Print
Email
SHORT TERM: quiet market on expiration day, DOW +50
Overnight the Asian markets were mostly higher, and Europe closed +1.65%. US index futures traded lower after yesterdays close, but rallied into the open as the SPX hit the 1261 pivot. A pullback followed until 10:00 when the SPX hit 1252.
Another rally, this time to 1262, topped at around 11:30. Then for the rest of the day the SPX stayed in between those two levels. At the close the SPX/DOW were +0.25%, and the NDX/NAZ were -1.45%. Bonds were off nearly 1/2 point, Crude dropped 75 cents, Gold was $14.00 lower, and the Euro was slightly higher. Support for the SPX remains at 1240 and then 1219, with resistance at 1261 and then 1287. Short term momentum slipped back to neutral, while the near term indicators continued to move higher. It certainly looks like a new uptrend is underway. Best to your weekend!
Another rally, this time to 1262, topped at around 11:30. Then for the rest of the day the SPX stayed in between those two levels. At the close the SPX/DOW were +0.25%, and the NDX/NAZ were -1.45%. Bonds were off nearly 1/2 point, Crude dropped 75 cents, Gold was $14.00 lower, and the Euro was slightly higher. Support for the SPX remains at 1240 and then 1219, with resistance at 1261 and then 1287. Short term momentum slipped back to neutral, while the near term indicators continued to move higher. It certainly looks like a new uptrend is underway. Best to your weekend!
MEDIUM TERM: downtrend bottomed at SPX 1200
LONG TERM: bear market
Add a comment
Home > Articles > The Markets > friday update
Latest 15 MrSwing Articles
- September 8 Break Out Video List Market Technical Analysis
- Paulson Spares Fannie and Freddie Shareholders
- Free Stock Alerts - Alert HQ for Sept 5, 2008
- Fannie and Freddie: 80%+ dilution
- WSJ: Multinationals in U.S. May See Profit Fall
- Two Professional Women Help Explain the Pay Gap
- A rebound for autos?
- weekend update
- Thank Hank
- Wally Weitz on Wealthtrack (video)
- Dramatic Friday Turnaround Rally
- WSJ: Treasury is Close to Bailout Plan err Backstop for Fannie (FNM), Freddie (FRE)
- Space Aliens with Hoards of Cash
- Rising unemployment
- Weak Jobs Data Spurs Selling In Early Trading
Latest Community Posts
Community Picks
-
New to MrSwing?
Getting Started - Recommended Reading
- Contact / Support
- Site Map
