Well, June came like a whirlwind and ended with a huge rally! We wrapped up a very good month with winning trades on both sides!
Last weekend, in my Market Forecast, I was still a little hesitant about the market, although we already had the longside plays in place:
"For the new week, some earnings will start to come in: Monday after market, we'll hear from NKE; while MON reports Wednesday morning. With Friday's drop, the momentum still leans more on the downside. Tech stocks are showing a little more strength, as commodity sectors weigh on the broader market. Support levels are still the same: SPX 1250-1260 and Nasdaq 2600."
On Monday, good news came from Europe on solving Greek debt problems, and, buyers came rushing in. NKE delivered a blowout quarter after the market. The market continued to push higher every single day of last week. MON also reported solid earnings. Both PMI and ISM came in better-than-expected and the market rallied on until the end of the week!
For the week, the Dow was up +648.19 points; SPX added +71.92 points; Nasdaq gained +163.14 points! Oil bounced back to nearly $95/barrel, while gold sank under $1500/ounce. Asian markets were up big on Sunday evening, and tonight, were experiencing some consolidation at the time of this writing. Let's where the US market finished after last week's huge jump:
SPX added +19.03 points to clsoe at 1339.67, just below 1340. The 10- and 20-day MAs have turned up. MACD was higher.
Nasdaq gained +42.51 points to close at 2816.03. Its daily MAs have also turned higher and the MACD went up.
Both SPX and Nasdaq are coming up to their respective resistance levels. After just a huge run-up, can momentum carry the market higher? For the new week...
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