Hello traders everywhere. After a tumultuous few weeks, the S&P and the NASDAQ are set for their best week since December 2011, while the DOW is on track for its best week since November 2016. This is quite the turnaround after we saw record-breaking drops in the markets just last week, but it seems that most traders just shrugged off the correction and went into buy mode.
All three indexes are now trading back above the 50-day SMA and looking to continue higher as a bullish sentiment enters back into the markets. In fact, with this weeks move up the S&P 500 is only 4% lower from it's all-time of 2872.87. That a pretty incredible and quick recovery from the 11.8% drop, last week at it's lowest point.
Crude oil headed for its first weekly gain since last month as the rising stock market eased concern about economic growth. A weakening dollar has boosted the appeal of commodities priced in the U.S. currency. Crude oil has once again made it's way above $60 a barrel and is currently trading above $61. However, it's still below its 50-day SMA.
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