Hello traders everywhere. Stocks swung between small gains and losses Friday after figures showed the U.S. economy grew at a strong rate in the first quarter but the pace of consumer and business spending slowed. First-quarter gross domestic product was 3.2%, the Commerce Department said on Friday, topping the consensus economist estimate of 2.5%, according to Dow Jones. An increase in exports drove the increase. The better-than-expected print was driven by a rise in exports.
On a weekly level, the S&P 500 gained +.82% and was on track for another weekly advance. The S&P 500 sits just below Tuesday's record and is up 17% for the year. The Dow Jones Industrial Average also climbed 0.1% after entering the day 1.4% below last year's record but will finish the week in negative territory losing -.32%. The Nasdaq Composite dropped 0.1% and, as the S&P 500, was just below its record from earlier in the week and will post a weekly gain of +1.38%.
The U.S. dollar will back to back weekly gains with a gain of +.58% this week.
Crude oil prices tumbled more than 3% on Friday after U.S. President Donald Trump again pressured the Organization of the Petroleum Exporting Countries to raise crude production to ease gasoline prices. Oil will post a weekly loss of -2.06%.
Gold, on the other hand, will post a weekly gain of .98%. This may be a short-term bounce that won't last with a long-term downtrend still in place.
Bitcoin has failed to break above the $5,600 level and will lose -4.49% on the week bringing into play a new red weekly Trade Triangle that will trigger at the $4,912.00 level.
Key Levels To Watch This Week:
- S&P 500 (CME:SP500): 2,873.33
- Dow (INDEX:DJI): 26,062.59
- NASDAQ (NASDAQ:COMP): 7,891.85
- U.S. Dollar (ICE:DX): 96.74
- Gold (NYMEX:GC.M19): 1,275.20
- Crude Oil (NYMEX:CL.M19): 65.82
- Bitcoin (BITCOIN:BITSTAMPUSD): 4,912.00