Last weekend, in my Market Forecast, I wrote:
"For the new week, Monday may be a bit shaky, as the market needs to let off some more steam. But, as long as the market does not fall too far below the daily upper BB, it should stay strong. SPX 1030 and Nasdaq 2050 will be the immediate support levels. If the market sticks close to the daily upper BB, we should see the market push higher later in the week. Nasdaq can easily push above 2100. SPX could be on its way to 1100 (but, will need the commodity sectors to stay strong to get there)."
Again, things happened pretty much as forecasted. Nasdaq finished the week above 2100 and SPX closed near 1070, on its way to 1100. On Monday, the market was shaky and showed weakness in the morning. But, it climbed the rest of the day and was able to close in the green. On Tuesday, commodity sectors jumped again and led the market higher; we cashed out profits on our CNX play. On Wednesday, most sectors joined in on the rally, including the financials. On Thursday, the market took a slight breather. On Friday, the market was a bit hesitant as managed to close higher again, as we wrapped up another week with solid wins.
For the week, the Dow was up +214.79 points; SPX added +25.57 points; Nasdaq gained +51.96 points. Gold closed above $1000/ounce and oil finished above $70/barrel. This evening, Asian markets are mixed at the time of this writing. Let's see where the US market stands after Friday's close:
Both SPX and Nasdaq climbed higher along their respective daily upper BBs. Their daily MAs and MACD glided up. VIX, however, tested the support at 23 all week and would not break down. It closed at 23.92 on Friday. For the new week...
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