Earnings season is off to a better-than-expected start for the third-quarter earnings reports, which in turn gave the DOW a boost to achieve its best weekly performance since June. Friday's move higher was strong enough to trigger a new green weekly Trade Triangle for the DOW, pushing the Chart Analysis Score to +100, indicating that the DOW is now in a strong uptrend. Friday's move also propelled the S&P 500 higher, triggering a new green weekly Trade Triangle, leaving the NASDAQ as the only index of the three in a sidelines position.
The DOW gained 382.20 points or +1.09% to close at 35,294.76. The S&P 500 added +0.75% to end the day at 4,471.37, and the NASDAQ rose +0.50% to finish at 14,897.34.
The three major indexes closed the week higher and are positive on the month. The DOW had a weekly gain of +1.58%, the S&P 500 +1.82%, and the NASDAQ outperformed with a weekly gain of +2.18%.
Not to be forgotten was Bitcoin, which crossed the $60,000 level as investors were optimistic about the U.S. Securities and Exchange Commission's chance to approve the first bitcoin futures exchange-traded funds. This news also boosted Tesla, which added +3%, and Coinbase shares rose +7.9%.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 4,278.94
- Dow (INDEX:DJI): 33,785.54
- NASDAQ (NASDAQ:COMP): 15,003.16
- U.S. Dollar (ICE:DX): 93.20
- Gold (NYMEX:GC.Z21): 1,765.10
- Crude Oil (NYMEX:CL.X21): 80.41
- Bitcoin (BITCOIN:BITSTAMPUSD): 40,750.00