As the week that passed came to an end in the stock market all three major indices advanced. The Nasdaq Composite index advanced higher to the upside for the third consecutive week as the Dow Jones Industrial average as well as the Standard and Poors 500 advanced for the second week in a row.
There was also a disappointing jobs report that showed the U.S. economy created just 18,000 jobs last month, far short of the 125,000 predicted by economists.
The top sectors in the week that passed were Technology +1.34%, Materials +1.26%, Energy +1.09% as well as and Consumer Staples +0.86 to name a few.
The top percentage gainers for the week that helped push the market higher this week were (CALI) China Auto Logistics +71.67% followed by (TRU) Torch Energy Royalty +66.23%, (CNET) Chinanet Online Holding +59.86%, (APAC) Apac Customer Services +58.65%, and (JVA) Coffee Holding Co. +52.86%.
There was also a momentum in the commodities market as the price of gold, silver and oil advanced. The oil index advanced for the second consecutive week after moving lower for 6 of the past 10 weeks. Downside support for the oil index is at $85.72 per barrel with upside resistance at $113.94. As the week came to a close the oil index ended the week trading at $99.10 per barrel up $3.64 or +3.81%.
The price of gold advanced after moving lower for 4 of the past 6 weeks. The gold index is poised to move higher in the week ahead but must break above its all time price high at $1,568.90 in order to move higher to the upside. The gold index ended the week trading at $1,541.60 per troy ounce up $59.00 or 3.98%.
The silver index has been struggling to move higher to the upside after it reached it 52 week price high at $49.75 per ounce in mid April. The index has been on the decline for 7 of the past 11 trading weeks but may move higher in the week ahead.
As this week came to and end, the price of silver advanced to break above its 5 and 10 week moving averages. Downside support for the index is at $33.50 with upside resistance at $48.47. The silver index ended the week trading at $36.54 up $2.85 or 8.45%.
The Dow Jones Industrial Average began the week trading at 12,583.00 but moved to a price low in the 12,539.21 area before ending the week trading higher.
The index is currently above all of it major moving averages as it continues to move higher to the upside for the second consecutive week in a row. Upside resistance for the index is in the 12,876.10 area with downside support at 11,862.45.
The top percentage gainers in the Dow 30 this week were (MSFT) Microsoft +3.46%, (INTC) Intel +4.02%, (DD) Dupont +1.74%, (CVX) Chevron +1.73%, and (CAT) Caterpillar +1.65%.
The Dow Jones Industrial Average ended the week trading at 12,657.20 +74.43 or +0.59% on lighter than average upside trading volume of 2.39 billion. The average weekly trading volume for the Dow Jones Industrial Average is 3.42 billion.
At the tech weighed Nasdaq Composite Index there was a third week of upside momentum as the index continued it advance. The Nasdaq began the week trading at 2,817.87 and moved to a price low in the 2,810.01 area before ending the week trading higher.
As for now the Nasdaq is above its 5, 10, 32, 50 and 200 week moving average as it continues to move higher to the upside. Downside support for the indices is in the 2,599.75 area with upside resistance at 2,887.85.
The top percentage gainers in the Nasdaq 100 this week were (URBN) urban Outfitters +10.75%, (NFLX) Netflix +10.13%, (WYNN) Wynn Resorts +7.74%, (ALXN) Alexion Pharmaceuticals +5.87%, and (PCLN) Priceline.com +5.21.
The tech weighed Nasdaq Composite Index ended the week trading at 2,859.81 up +43.78 or +1.55% on lighter than average upside volume of 6.68 billion. The average weekly trading volume for the Nasdaq Composite Index is 9.19 billion.
The Standard and Poors 500 also moved higher after weeks of downside pressure. The index may move higher in the week ahead but will need to break above the 1,356.58 area in order to do so.
As for now the index is above all of its major moving averages. Downside support for the S&P 500 is in the 1,248.95 area with upside resistance at 1,370.65.
The top percentage gainers in the S&P 500 this week were (URBN) Urabn Outfitters, Inc. +10.75%, (WYNN) Wynn Resorts, Ltd. +7.74%, (CF) CF Industries Holdings, Inc. +6.79%, (TGT) Targer Corp. +6.71%, and (KSS) Kohls Corp. +6.55%.
As the week came to an end the S&P 500 closed to end the week trading at 1,343.80 +4.13 or +0.31% on lighter than average upside trading volume of 9.89 billion. The average weekly trading volume for the Standard and Poors 500 is 14.31 billion.
By: Marlin Rolle
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