The stock market is trying to end the week on a daily positive note as we head into the close. The S&P 500 is +.9%, the DOW +.6%, and NASDAQ rounds out the positive run with a gain of over +1%, which has helped turn the week positive for the NASDAQ. However, the S&P 500 and DOW will post weekly losses marking four straight weeks losses.
On a weekly level, the S&P 500 will post a weekly loss of about -1.4%, joining the DOW, which will post a weekly loss of about -2.5%. The NASDAQ was looking at a weekly loss heading into the close, but afternoon strength in the tech sector was able to push it into positive territory with a gain of roughly +.25%.
But looking at the bigger picture, the major indexes have had a tough month, with the S&P 500 falling more than -6% in September. The DOW has dropped -5.2% over that time period, and the NASDAQ is down -8.2% month to date. September has certainly lived up to the hype.
The US dollar index was having its best week since March 29th when it gained +2% that week; it will post a weekly gain of roughly +1.8%. The dollar can attribute this strong week to gold's demise. Gold is staring at a weekly loss of over -4%, triggering a red weekly Trade Triangle and signaling a move a short-term short position.
Crude oil and Bitcoin will chip into the losing pot this week, with oil looking at a weekly loss of roughly -2.3%. Bitcoin continues to be in a sidelines mode posting a weekly loss of approximately -2.2% heading into weekend trading.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,425.55
- Dow (INDEX:DJI): 28,364.77
- NASDAQ (NASDAQ:COMP): 11,299.53
- U.S. Dollar (ICE:DX): 92.71
- Gold (NYMEX:GC.Z20): 1,879.30
- Crude Oil (NYMEX:CL.V20): 39.12
- Bitcoin (BITCOIN:BITSTAMPUSD): 11,183.01