The stock market finished the week in the negative as traders braced for tighter monetary policy from the Federal Reserve. The S&P 500 finished the week just below its 200-day MA, which could signal a move lower if it opens below that level on Monday and makes a move lower. In addition, the red weekly Trade Triangle levels are considerably closer heading into next week, which would mean a leg lower would be in the cards if they are triggered.
The DOW rose 137.55 points or +0.40% to close at 34,721.12. The S&P 500 fell -0.27% to 4,488.28, and the NASDAQ collapsed, losing -1.34% to end the week at 13,711.00.
All three major indexes finished in the red for the week, with the NASDAQ leading the way with a loss of -3.85%, its first weekly loss in four weeks. The DOW lost -0.27%, and the S&P 500 wrapped up a disappointing week with a loss of -1.26%.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 4,424.30
- Dow (INDEX:DJI): 34,190.95
- NASDAQ (NASDAQ:COMP): 13,682.55
- U.S. Dollar (ICE:DX): 97.72
- Gold (NYMEX:GC.J22): 1,916.70
- Crude Oil (NYMEX:CL.K22): 98.76
- Bitcoin (BITCOIN:BITSTAMPUSD): 40,516.86
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
