Sunday, September 23, 2012

Wizzwatch Weekly Market Newsletter

As for the week that was in the stock market, the Dow Jones Industrial Average, Nasdaq, and S&P 500 all closed to end the week trading lower. All three major indices have been moving higher to the upside for the past few weeks along with the prices of crude, oil, as well as the prices of gold and silver.

The top percentage gainers in the market during after weeks of upside momentum were (TSTC) Telestone Technologies +66.67%, (DLGC) Dialogic +55.56%, (IRIS) Iris International +45.01%, (CYCC) Cyclacel Pharmaceutical +44.70%, and (BVSN) Broadvision +33.29%.

As for the commodity markets there was a decline in the prices of oil, silver, copper, oil, platinum, and palladium as the price of gold advanced. The gold index has been moving higher to the upside for 5 consecutive weeks. The index closed to end week trading at $1,775.40 up $1.90 or +0.11%.

The Dow Jones Industrial Average began the week trading at 13,588.57 and declined to a price low at 13,503.00 before ending the week trading slightly higher. The index has been moving higher to the upside for 12 of the past 16 weeks. As for now the index is currently above all of its major moving averages with downside support at 13.181.40 and upside resistance at 13,653.30.

The top percentage gainers in the Dow 30 during the week that passed were (UNH) United Health +3.58%, (PFE) Pfizer +2.98%, (MRK) Merck +2.96%, (GE) General Electric +2.69%, and (VZ) Verzion +2.49%.

As the market came to a close on Friday the Dow Jones Industrial Average ended the week trading at 13,579.47 down -13.90 or -0.10% on heavier than average downside trading volume of 3.16 billion. The average trading volume for the Dow Jones Industrial Average is 3.13 billion.

At the tech heavy Nasdaq Composite Index there was also a decline after weeks of upside momentum. The Nasdaq started the week trading at 3,183.40 before declining to a price low in the 3,156.46 area before ending the week trading higher.

The Nasdaq has been making higher highs and higher lows for the past few trading weeks and is currently above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the tech weighed index is at 3,053.85 with upside resistance at 3,197.03.

The top percentage gainers in the Nasdaq 100 during the past week in trading were (GILD) Gilead Sciences +9.26%, (EXPE) Expedia +6.25%, (KFT) Kraft Foods +5.37%, (ORLY) O'Reilly Auto +4.38%, and (PRGO) Perrigo +4.25%.

At the week came to a close the Nasdaq ended the week trading at close The Nasdaq Composite index closed to end the week trading at 3,179.96 down -3.99 or -0.13% on heavier than average downside trading volume of 9.16 billion. The average weekly trading volume for the Nasdaq is 8.16 billion.

As for the Standard and Poors 500 there was a decline in the index for the first time in the past two trading weeks. The S&P 500 began the week trading at 1,465.42 before declining to a price low at 1,449.98. The index has been moving higher for several weeks as it continues to remain above all of it major moving averages. Upside resistance for the S&P 500 is at 1,474.60.62 with downside support at 1,409.62.

The top market movers in the S&P 500 for the week were (PCS) Metro PCS +9.41%, (GILD) Gilead Sciences +9.26%, (CAG) Conagra +7.52%, (S) Sprint Nextel +7.41%, and (THC) Tenet Healthcare +7.29%.

As the past week came to a close in the stock market, the Standard and Poors 500 closed to end the week trading at 1,460.15 down -5.62 or -0.38% on heavier than average downside trading volume of 13.86 billion. The average weekly trading volume for the S&P 500 is 12.84 billion.

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












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