As we closed the books on the month of June the stock market ended the week higher on the upside as all three major indices advanced. The Dow Jones Industrial Average, the Nasdaq Composite Index as well as the Standard and Poors 500 all ended the week trading in positive territory.
The stock market has been on a decline for 7 of the past 9 trading weeks. The prices of gold and silver moved lower as oil advanced to move higher.
The top market movers this week were (ICGN) Icagen, Inc. +148.34%, followed by (TBSI) TBSI International +106.73%, (dl) China Distance Education Holdings, Ltd. +50.17%, and (TBOW) Trunkbow International Holdings, Ltd. +43.69%.
The gold index began the week trading at $1,496.62 but ended the week trading at $1,482.64 per troy ounce. The gold index has been moving lower for 3 of the past 4 weeks. Downside support for the gold index is in the $1,460.00 area with upside resistance in the $1,568.95 area.
The silver index also declined to end the week trading lower for 7 of the past 9 weeks. Silver ended the week trading at $33.70 per ounce. As for now the price downside support for the price of silver is in the $29.75 area with upside resistance at $49.80 per ounce.
The Dow Jones Industrial Average began the week trading at 11,934.66 before making a price low in the 11,934.05 area before ending the week trading higher on the upside.
The Dow Jones Industrials have been struggling to advance to the upside for 7 of the past 9 weeks. As for now the index is currently above all of it moving averages.
The indices is above its 5, 10, 32, 50, and 200 week moving averages. The index was below its 5, 10, and 32 week moving averages for the past 5 weeks before moving higher to the upside in the week that passed.
The market is poised to continue its advance higher to the upside as long as it remains above its major moving averages.
The top percentage gainers in the Dow 30 this week were (AXP) American Express Co. +8.68%, (CAT) Caterpillar, Inc. +8.61%, (AA) Alcoa, Inc. +7.09%, (MSFT) Microdsoft Corp. +7.08%, and (GE) General Electric Co. +6.90%.
The Dow Jones Industrial Average ended the week trading at 12,582.77 up +648.19 or +5.43% on heavier than average trading volume of 3.57 billion. The average weekly trading volume for the Dow Jones Industrial average is 3.53 billion.
The Nasdaq Composite Index began the week trading at 2,653.07 and pulled back to a price low in the 2,647.55 area before moving higher to end the week.
The Nasdaq is above its 5, 10, 32, 50 and 200 week moving averages. The index has been moving higher for the past 2 weeks after moving lower for 7 consecutive weeks. All indicators point to a higher price move in the week ahead.
Upside resistance for the tech weighed index is at 2,887.80 with downside support at 2,594.40. The top percentage gainers in the Nasdaq 100 this week were (EBAY) eBay, Inc. +15.49%, (FSLR) First Solar, Inc. +13.89%, WYNN) Wynn Resorts, Ltd. +13.89%, (JOYG) Joy Global, Inc. +12.11%, and (BIDU) Baidu, Inc. +11.40%.
The Nasdaq ended the week trading at 2,816.03 up +163.14 or 6.15% on lighter than average upside volume of 8.7 billion. The average weekly trading volume for the Nasdaq is 9.45 billion.
As for the Standard and Poors 500 index there was also a higher price move to the upside as the index advanced higher to the upside. The S&P 500 has been on a price decline for 8 of the past 9 weeks.
All indicators are turning to the upside but heavier than average volume above 14.77 billion will be needed in order to take the S&P 500 higher.
The index began the week trading at 1,268.44 and moved to a price low in the 1,267.53 area before ending the week trading higher. Upside resistance for the S&P 500 is at 1,240.80 with upside resistance in the 1,370.65 area.
The top price gainers in the S&P 500 index this week were (V) Visa, Inc. +19.90%, (EBAY) eBay, Inc. +15.49%, (MA) Mastercard +14.69%, (WYNN) Resorts, Ltd. +13.89%, and (NKE) Nike, Inc. +13.11%.
The Standard and Poors 500 ended the week trading at 1,339.67 up +71.22 points or +5.61% on lighter than average upside volume of 13.33 billion. The average trading volume for the S&P 500 is 14.77 billion.
By: Marlin Rolle
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