Wizzwatch Weekly Newsletter

As for the week that passed in the stock market all three major market indices closed slightly higher on the upside. The Dow Jones Industrial Average ended the week trading at 27,931.32 +497.54 or +1.81% as the tech heavy Nasdaq Composite Index closed to end the week trading at 11,079.30 or +0.08% higher, slightly below its all time price high at 11,126.24. As for the Standard and Poor 500, the index closed slightly higher to the upside for the third week in a row. The S&P is currently up 6 of the past 7 weeks as it closed to end the week trading at 3,372.85 +21.57 or +0.64%, fifteen points below it all time price high.

The price of oil has been moving in a sideways consolidation for the past 8 trading weeks. The International Energy Agency revised down its gasoline and jet fuel estimates for the rest of the year due to the lack of demand. Oil refineries are changing the way they do business due to the pandemic, either closing entirely or turning facilities into bio fuel plants. Refineries are among the worst hit during this crisis slashing production demands and consequently refiner’s margins. Despite oil making a slight push to the upside the week prior, the index ended the week trading at $42.01 up +0.79 or +1.92%. Downside support is currently at $38.67 with upside resistance at $48.66 per barrel. 

As for the price of Gold and Silver, both ended the week trading lower for the first time in 11 of the past 12 weeks. The price of gold ended the week trading at $1,949.80 -$78.20 or -3.86% as silver ended the week trading at $26.09 down -1.45 or -5.27%.