Wizzwatch Weekly Newsletter

As for the week that passed in the stock market it was a brutal one for most traders as the Dow Jones Industrial Average, the Nasdaq and the S&P 500 declined.

There was a pullback across the board in the market. The price of gold continued to move higher as the general market tanked.

The price of gold ended the week trading at a new all time price high after breaking through its previous high the week prior. The gold index ended trading at $1,664.60 per troy ounce up $36.30 or +2.23%.

The price of silver moved lower closing at $38.33 down $1.56 or -3.91% as oil ended the week trading at $86.70 -9.35 -9.73%.

The Dow Jones Industrial Average began the week trading at 12,144.22 but moved to a price low in the 11,139.00 area before ending the week slightly higher on the upside.

As for now the Dow is below its 5, 10, 32, and 50 week moving averages but above its 200 week moving average. In the week ahead we may see more downside in the Dow Jones Industrial Average.

Downside support for the Dow Jones Industrial Average is at 10,754.89 with upside resistance at 12,876.10. The Dow Jones Industrial ended the week trading at 11,444.61 down -698.93 points or 5.75% for the week on heavier than average trading volume of 5.72 billion.

The average weekly trading volume for the Dow Jones Industrial Average is 3.69 billion. The Dow is currently down 1,309.28 points since July 22, 2011.

At the tech weighed Nasdaq Composite Index there was a decline in the index as it fell through its 5, 10, 32, and 50 week moving averages.

The Nasdaq is currently above its 200 week moving average for now but may continue to move lower in the week ahead. Downside support for the Nasdaq Composite index is at 2,352.65 with upside resistance in the 2,887.85 area.

The Nasdaq Composite Index ended the week trading at 2,532.41 down -223.97 or -8.13% on heavier than average downside volume of 14.21 billion. The average weekly trading volume for the Nasdaq Composite Index is 9.78 billion. The Nasdaq Composite Index is down 330.31 points since July 22, 2011.

As for the Standard and Poors 500 there was no escape as it too tumbled to the downside. The S&P 500 began the week trading at 1,292.59 and moved to a price low in the 1,168.09 area before ending the week trading slightly higher to the upside.

The index is currently below its 5, 10, 32, and 50 week moving averages but above its 200 week moving average in the 1,157.79 area. Upside resistance for the index is in the 1,370.58 area with downside support in the 1,157.70 area.

The S&P 500 ended the week trading at 1,199.38 down -92.90 or -7.19% for the week on heavier than average downside volume of 23.54 billion. The average weekly trading volume for the S&P 500 is 15.31 billion. The Standard and Poors 500 is currently down 157.10 points since July 21, 2011.

By: Marlin Rolle

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