Wizzwatch Market Newsletter

As the week that passed came to an end all three major moving averages advanced. The Dow Jones Industrial Average, the Nasdaq Composite Index as well as the Standard & Poors 500 managed to end the week on the upside.

As for now the markets uptrend is under pressure due to bad earnings announcements, the crisis in Spain, and the fact that the Euopean debt crisis remains unresolved.

The top stocks that helped to puch the market higher were (ALNY) Alnylam Pharmaceuticals +49.68%, (OCZ) Ocz Technology Group +40.85%, (PRX) Pharmaceutical Resource +37.04%, (CSRE) Csr Plc. +36.87%, and (MLNX) Mellanox Technologies +35.07% .

As for the commodity markets the price of oil continued to move higher for the second consecutive week as the prices of precious metals declined. The oil index ended the week trading at $91.88 per barrel up $4.98 or +5.73% on lighter than average trading volume of 1.14 million.

As for the price of gold, the index closed to end the week on the downside along with the prices of silver, platinum, palladium, and copper to name a few. The gold index ended the week trading at $1,582.20 per troy ounce down $4.90 or -0.31%.

The Dow Jones Industrial Average began the week trading at 12,776.33 and declined to a price low at 12,645.10 before ending the week trading slightly higher. The index is currently above its 5, 10, 32, 50 and 200 week moving averages with downside support at 12,034.98 and upside resistance at 13,228.76.

The top movers in the Dow 30 that helped the Dow Jones Industrial Average move slightly higher to the upside were (PFE) Pfizer +3.90%, (IBM) IBM +3.46%, (CVX) Chevron +3.00%, (MMM) 3M +2.74%, and (DD) Dupont +2.60% .

As for now all indicators are pointing to the upside but in order for the index to continue higher to the upside in the week ahead the index must break above the 12,977.67 area.

The Dow Jones industrial Average closed to end the week trading at 12,822.57 up 45.48 points or +0.36% on heavier than average upside trading volume of 3.55 billion. The average weekly trading volume for the Dow Jones Industrial Average is 3.39 billion.

The tech heavy Nasdaq Composite Index also advanced during the week as the index continued to move higher to the upside for 6 of the past 7 weeks. In order for the Nasdaq Composite Index to continue its move higher to the upside the index would need to break above its prior price high set at 2,987.94 in the week ahead.

As for now the index is currently above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the index is at 2,726.63 with upside resistance at 3,134.28.

The top percentage gainers in the Nasdaq 100 in the week that passed were (SNDK) San Disk +15.83%, (EBAY) eBay +12.27%, (MAT) Mattel +10.12%, (NTAP) Network Appliances +9.06%, and (KLAC) KLA-Tencor +7.68%.

As the week came to an end the Nasdaq Composite Index closed at 2,925.30 +16.83 or +0.58% on heavier than average volume of 8.36 billion. The average weekly trading volume for the Nasdaq is 8.21 billion.

As for the Standard and Poors 500 index there was a slight advance as the index closed to end the week on the on the upside.

The index began the week trading at 1,356.50 before declining to a price low at 1,345.07. The S&P 500 has been moving higher to the upside for 5 of the past 7 trading weeks and must break above the 1,380.50 area in order to move higher in the week ahead.

As for now upside resistance is at 1,422.50 with downside support at 1,266.65. The top percentage gainers in the S&P 500 week were (BHI) Baker Hughes +16.01%, (SNDK) San Disk +15.83%, (TXT) Textron +13.65%, (WAG) Walgreen +13.11%, and (EBAY) eBay +12.27%.

As the week came to a close the S&P 500 closed to end the week trading at 1,362.66 +5.88 or +0.43% on heavier than average weekly trading volume of 13.72 billion. The average weekly trading volume for the S&P 500 is 13.30 billion.

By: Marlin Rolle
*** Please have a close look at the charts below ***