Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Market Forecast + Sector Watch: SPX, Nasdaq, SOXX, GLD, USO, XLF, INTC, ALTR, TXN, BRCM, XLNX, FNSR, GOLD, NEM, ABX, GS, BAC, JPM, MA, V, ICE, CME

Last weekend, in my Market Forecast, we discussed,

"For the new week, the market may come under renewed selling pressure.  SPX now has support between 1140 and 1120.  We could also see the recent bottoms tested (SPX 1100 and Nasdaq 2350) again, especially if the financials break down."

The market did see heavy selling right at the open on Monday.  However, buyers immediately came in.  On Tuesday, the market continued to bounce, led by the techs.  By Wednesday, as we noted in the Trading Room, it was clear that the market was turning higher, and we starting trading quick-moving options on the upsideThursday and Friday were more of the same.  Shorts continued to get squeezed and the market pushed higher to close near the high for the week.

We wrapped up another good week, especially with the fast trades in the Trading Room.

For the week, the Dow was up +516.96 points; SPX gained +61.78 points; Nasdaq popped +154.32 points.  Gold came down to close near $1820/ounce.  Oil was slightly up.  This evening, at the time of this writing, Asian markets were mostly down, pressured again by the possibility of Greek default.  Here's how the US market closed on Friday,


On Friday, SPX added +6.9 points to close at 1216.01.  Its daily MAs and MACD went up.


Nasdaq gained +16.24 points to close at 2622.31.  Its daily MAs and MACD curved higher.

Both SPX and Nasdaq closed above their respective daily MAs.  VIX closed below 32, lowest weekly close in 7 weeks!  For the new week...

To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the Premium Services (click here) page. If you are already a subscriber, please click here: Market Forecast 9/18/11.