As we closed the books on the final week of trading in the month of March 2012 all three major market indices advanced. The Dow Jones Industrial Average, Nasdaq Composite Index as well as the Standard and Poors 500 all moved higher to end the week. For the month of March the Nasdaq led all three major moving averages to end the month up +4.20% followed by the S&P 500 up +3.13% and the Dow Jones Industrial Average up +2.01%.
The top 5 Industrial Indices to move higher this week were Health Products +5.23%, Networkers +2.27%, REITs +1.61%, Internet +1.32%, and Utilities +1.30%. As for the top advancing stocks in that helped take the market higher in the week that passed were (RCON) Recon Technology +252.38%, (GALE ) Galena Biopharma +40.37%, (ARNA) Arena Pharmaceuticals +36.93%, (TEAR) Tearlab Corp. + 33.58%, and (GMAN) Gordmans Stores +2.71 +32.32%.
The Dow Jones Industrial Average began the week trading at 13,082.62 and declined to a price low in the 13,031.65 area before advancing higher to the upside. Downside support for the Dow Jones Industrial Average is at 12,935.88 with upside resistance at 13,289.18.
The top percentage gainers in the Dow 30 In the week that passed were (PFE) Pfizer +3.76%, (KO) Coca-Cola +3.52%, (CSCO) Cisco +3.02%, (MCD) McDonalds +2.67%, and (JNJ) Johnson & Johnson +2.18%.
The Dow Jones Industrial Average ended the week trading at 13,212.04 up +131.31 points or +1.00% on lighter than average upside trading volume of 3.53 billion. The average weekly trading volume for the Dow Jones Industrial Average is 3.88 billion.
At the tech weighed Nasdaq Composite Index there was a continued upside momentum in the index as it moved higher to the upside for the 7th consecutive week. The Nasdaq has been making higher highs and higher lows for 12 of the past 14 weeks and is currently up 26.62 % from Its October 2011 price low. As for now the indices is above all of its major moving averages. Downside support for the Nasdaq is at 2,966.26 with upside resistance at 3,134.20.
The top percentage gainers In the Nasdaq 100 this week were (RIMM) Research in Motion +7.61%, (NVDA) Nvidia +5.85%, (TEVA) Teva Pharmaceuticals +4.62%, (GILD) Gilead Sciences +4.29%, and (INTU) Intuit +4.25%.
As the final week of March came to a close the Nasdaq Composite Index ended the week trading at 3,091.57 up +23.65 points or +0.77% on heavier than average trading volume of 8,54 billion. The average weekly trading volume for the Nasdaq is 8.65 billion.
The Standard and Poors 500 also pushed higher after declining in the week prior. The S&P 500 began the week trading at 1,397.11 before moving to a price low in the 1,391.56 area and ending the week trading higher. For the month of March the Standard and Poors 500 is up 3.13%.
The S&P 500 continues to advance as it continues to move above its 10 week moving average. Downside support for the S&P 500 is at 1,366.40 with upside resistance at 1,419.20. The top percentage gainers in the S&P 500 this week were (RHT) Red Hat +15.48%, (WLP) Wellpoint +10.68%, (CVH ) Coventry +10.16%, (AET) Aetna +10.01% and (UNH) United Health +9.84%.
The Standard and Poors 500 ended the week trading slightly below its 52 week price high to end the week trading at 1,408.47 +11.36 points or +0.81% on lighter than average trading volume of 13,49 billion. The average weekly trading volume for the S&P 500 is 14.48 billion.
By: Marlin Rolle
*** Please have a close look at the charts listed below ****