The stock market set another round of record closes on Friday as Wall Street looked past disappointing results from major companies to notch its best month of the year.
The S&P 500 rose +0.19% to close at 4,605.38, and the DOW added 89 points or +0.25% to end at 35,819.56. The NASDAQ rose +0.33% to close at 15,498.39. All three of those closes are record highs, and the S&P 500 and NASDAQ had their best months since November of 2020.
All three major indexes posted their fourth positive week in a row and finished solidly higher for the month. On a weekly level, the DOW gained +.40%, the S&P 500 +1.33%, and the NASDAQ rounded out the week up +2.71%. Continue reading "Stocks Notch Best Month Of The Year"→
This week we have a stock market forecast for the week of 10/24/21 from our friend Bo Yoder of the Market Forecasting Academy. Be sure to leave a comment and let us know what you think!
All three of the major averages finished the week higher, marking three straight weeks of gains, with the DOW being the only one to post a daily gain on Friday, hitting a record close. The DOW was able to post a weekly gain of +1.08%, while the S&P 500 gained +1.64% and the NASDAQ gained +1.29%, triggering a new green weekly Trade Triangle, indicating it's now in a strong uptrend.
The DOW climbed 74 points or +0.21%, hitting a record close of 35,677.02, its first since August 16. The S&P 500 fell -0.11% to close at 4,544.90 a day after closing at a record, and the NASDAQ shed -0.82% to the week at 15,090.20.
On a monthly level, the S&P and DOW are up about +5%, while the NASDAQ is up +4%.
This week's other big news is Bitcoin and, more specifically, the forest Bitcoin-related ETF that started trading this week.
Bitcoin rose to an all-time high of $67,016.50 as the ProShares Bitcoin Strategy ETF (BITO), the first bitcoin-related exchange-traded fund to trade in the U.S., made its debut on Tuesday.
BITO ended the trading day up 4.65% at near $41.80 per share. As of 4:02 p.m. ET, shortly after the close of U.S. stock markets on Monday, the ETFs trading volume had reached 23.9 million shares, worth more than $1 billion based on the closing price, ranking the investment vehicle as one of the top ETF launches in history.
This week we have a stock market forecast for the week of 10/17/21 from our friend Bo Yoder of the Market Forecasting Academy. Be sure to leave a comment and let us know what you think!
The S&P 500 (SPY)
This week's rally conforms to my forecast nicely from last week.
Nothing has really changed; I still have a lot of bearish readings for the S&P 500, which conflict with the surge of bullish interest that is currently being absorbed.
I still expect the SPY to rally up to retest the all-time highs and break out to the upside. Unfortunately, that breakout would likely be on low momentum, and the odds are high; it will turn into a false breakout. This would set up a classic "Trap trade," as the breakout players all react emotionally to the failed breakout. Continue reading "Weekly Stock Market Forecast"→
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.
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