As for the week that was in the stock market 2 out of 3 general market indices advanced. The Dow Jones Industrial Average declined as the Standard and Poors 500, and the Nasdaq Composite Index advanced. As for now the general market remains bullish as the bear continue to cover their shorts.
As the market continues to move higher the top industry groups in the market this week were Gold & Silver +8.37%, Airlines +7.72%, Hospitals +7.14%, Computer Hardware +3.57%, and Natural Gas +3.15%.
The top percentage gainers for this week in the market were (VIST) Vist Financial Corp. +67.26% followed by (ENMD) Entremed +63.52%, (TSON) Trans1, Inc. +56.69%, (HDSN) Hudson Technologies +49.73% and (SOA) Aolutia, Inc. +47.48%.
Utilities continued to decline for the fourth consecutive week as gold, silver, oil, and transportation advanced. There was also a more downside pressure for the dollar as it declined for the second straight week against a basket of major currency pairs.
The Dow Jones Industrial Average started the week trading at 12,720.25 and moved to a low in price at 12,580.12 before ending the week trading slightly higher to the upside. The index is poised to move higher to the upside but must break above the 12,842.00 in order to do so.
The Dow Jones Industrial Average has been moving higher to the upside for 13 of the past 18 weeks. Upside resistance for the Dow is at 12,766.10 with downside support at 10.404.38.
The top percentage gainers in the Dow 30 this week were (CAT) Caterpillar +5.34%, (BAC) Bank of America +3.11%, (DD) Dupont +2.63%, (AA) Aloca +2.56%, and (MMM) 3M +2.11%.
The Dindex ended the week trading at 12,660.46 down -0.60 or -0.47% on slightly heavier than average volume of 4.05 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.0 billion.
At the Nasdaq Composite Index there was a difference in momentum as the index continued to move higher to the upside. The Nasdaq had been making higher highs and higher lows for 11 of the past 16 weeks. The Nasadq began the week trading at 2,786.21 but declined to a price low in the 2,766.34 area before ending the week trading higher to the upside.
As for now the index remains above all of it major moving averages as it continues to move higher to the upside. Upside resistance for the Nasdaq is at 2,887.85 with downside support at 2,331.65.
The top percentage gainers in the Nsadaq 100 were (ILMN) Illumina +42.37%, (NFLX) Netflix +23.49%, (FSLR) first Solar +18.44%, (CA) CA, Inc. +12.33%, and (JOYG) Joy Global +9.09%.
The Nasdaq Composite Index ended the week trading at 2,816.55 +29.85 or +1.07% on heavier than average trading volume of 9.05 billion. The average weekly trading volume for the technology weighed index is 8.58 billion.
As for the Standard and Poors 500 there was also a continuation of momentum to the upside for the week as the index edged slightly higher to end the week. The S&P 500 began the week trading at 1,333.47 but decline to a price low at 1,306.06 before ending the week trading higher.
The S&P 500 is currently above all of its 5, 10, 32, 50 and 200 week moving averages. Downside support for the indices is at 1,074.77 with upside resistance at 1,370.68. In order for the Standard and Poors 500 to move higher to the upside in the weeks ahead the index must break above its May 2011 price high at 1,370.58, that’s +54.26 points away or a 4.12% increase.
The top percentage gainers in the S&P 500 were (JCP) JC Penny +18.04%, (TXT) Textron +17.26%, (ODP) Office Depot +13.08%, (CA) CA, Inc. +12.23%, and (WAT) Waters +11.32%.
The Standard and Poors 500 closed to end the week trading at 1,316.33 +0.95 or +0.07% on heavier than average upside trading volume of 15.8 billion. The average weekly trading volume for the S&P 500 is 14.69 billion.
By: Marlin Rolle
*** Please have a close look at the charts listed below ****
In order to have an in depth view of each chart, please double click