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Last weekend, in my Market Forecast, we discussed:

"For the new week, we could see some sideways trading to start the week.  The market may need to consolidate a little more before deciding where to go next.  For SPX, if it breaks above 1330, we could see a new breakout.  On the downside, we'll watch 1300 as the immediate support.  Energy sector looks ready to break out, as oil pushes higher.  Fertilizer stocks could be in focus as MOS reports on Wednesday.  Internet stocks could continue to draw investors' attention."

Things pretty much happened as forecasted.  On Monday and Tuesday, the market traded sideways in a tight range.  On Wednesday, energy stocks broke higher and push the market to test SPX 1330.  On Thursday, the market paused again ahead of important economic data.  Internet stocks did push higher and fertilizers also drew attention (but, it was because corn acreage was forecasted higher, and not so much due to MOS's earnings report).  On Friday, the market cheered improved jobs data, and SPX closed above 1330.

We had a perfect week with 100% of the closed trades being in the GR$$N.  (to subscribe to our published trades, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video)

For the week, the Dow was up +156.13 points; SPX added +18.61 points; Nasdaq gained +46.54 points.  Oil was higher and gold ended slightly down.  The interesting thing was that while gold was down, silver ended up.  At the time of this writing, Asian markets were mostly higher, with Hong Kong's Hang Seng (HSI) up about +1%.  Here's how the US markets looked after Friday's close:

SPX

On Friday, SPX added +6.58 points to close at 1332.41, above 1330.  Its 10-day MA rose above the 30-day MA.  MACD continued to rise.

Nasdaq

Nasdaq gained +8.53 points to close at 2789.6, just below 2800.  Its 20-day MA flattened and MACD went higher.

SPX closed above 1330 and Nasdaq was just shy of 2800 (it did test 2800 on Friday).  VIX sank back below 18.  Does this spell a new bullish breakout?  For the new week...

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