As the stock market came to a close to end a rough week all three major indices ended the week on the downside due to economic concerns in the United States and Europe. The Dow Jones Industrial Average , the Nasdaq and the S&P 500 all ended the week trading lower after failing to break upside resistance.
There was an uptick in the price of the gold index as it ended trading higher on the upside for the second week in a row. The gold index ended the week trading at $1,215.40 +10.020 or +0.85%. As for the oil, transports and utilities they all pulled back to end the week trading lower. The top 5 sectors all ended the week lower utilities were down -1.09%, followed by pharmaceuticals -1.18, north american telecommunications -1.42%, airlines -1.54% and gold and silver -1.76%.
The top 5 market movers for the week were companies such as (UNCA) Unica Corporation +118.22%, (DYN) Dynergy, (ALY) Allis-Chalmers Corporation, (TRBN) Trubion Pharmaceuticals, and (INTX) Intersections, Incorporated.
The Dow Jones Industrial Average began the week trading at 10,654.62 and moved to a price low in the 10,268.71 area before ending the week trading slightly higher. The Dow is currently above its 50 week moving average but below its 5, 10, 32, and 200 week moving averages. The index currently has upside resistance at 10,389.03 with downside support at 9,614.32.
The top stock in the Dow 30 this week were (VZ) Verizon Communications +1.62%, (T) AT&T, Inc. +0.68%, (MCD) McDonalds +0.21%, (MRK) Merck & Co. +0.006%, and (DTV) Direct TV Group -0.31%.
The Dow Jones Industrial Average ended the week trading at 10,303.15 down -350.41 or -3.29% for the week on lighter than average upside trading volume of 4.17 billion. The average weekly trading volume for the Dow Jones Industrials is 4.19 billion.
The Nasdaq Composite Index continued to move lower after not being able to break above the upside resistance area. The Nasdaq began the week trading at 2,298.81 before ending the week trading much lower to the downside. The index is below its 5, 10, 32. 50 and 200 week moving averages. Upside resistance is at 2,341.11 with downside support in the 2,061.14 area.
The top price movers in the Nasaq 100 this weej were companies such as (AKAM) Akamai Technologies +10.83%, (WCRX) WarnerChilcott +3.52%, (SRCL) Stericycle +0.78, (TEVA) Teva Pharmaceuticals +0.24%, and (EBAY) e-Bay +0.23%. The Nasdaq composite index ended the week trading at 2,173.48 -114.48 or -5.02% on lighter than average downside volume of 9.72 billion. The average weekly trading volume for the tech weighed index is 10.87 billion.
As for the Standard and Poors 500 the index ended the week on the downside after moving to the upside for 3 of the past 6 trading weeks. The S&P 500 started the week trading at 1,122.80 and moved to a price low at 1,076.69 before ending the wee trading slightly higher. Downside support for the index is in the 1,010.91 area with upside resistance at 1,131.23.
The top price movers in the S&P 500 were (DYN) Dynergy +26.18%, (AKAM) Akamai Technologies +10.83%, (CFN) Care Fusion Corp. +6.33%, (WFR) MEMC Electronic Materials +5.02%, and (MBI) MBIA, Inc. +3.95%. The S&P 500 ended the week trading at 1,079.25 -3.78% or -3.78% on lighter than average weekly volume of 16.62 billion. The average weekly trading volume for the S&P 500 is 19.75 billion.
By: Marlin Rolle
*** Please have a close look at the charts listed below ****