WizzWatch Market Newsletter

As the week came to a close on Friday all three general market indices ended the week sliding to the downside. Although the markets moved lower to end the week, we are still in a conformed uptrend. The prices of precious metals as well as the price of oil also moved lower. 

The Dow Jones Industrial Average ended the trading week down -520.56 or -1.92% at 28,133.31. The tech weighed Nasdaq Composite Index ended the week trading at 11,313.13 down -382.50 or -3.27% and Standard and Poors 500 closed to end the week trading at 3,426.95 down -81.05 or -2.31%. 

Big moving stocks such as (FB) Facebook, (TSLA) Tesla, (AMZN) Amazon, (NFLX) Netflix, (AAPL) Apple, as well as (NVDA) Nvidia just to name a few also moved lower to end the week. 

The price of gold, silver as well as the price of oil ended the week trading on the downside. The gold index closed to end the week trading at $1,934.30 per troy ounce down $40.60 or -2.06% as silver ended trading at $26.11 down $1.88 or 3.88%. 

The oil index slid to the downside for the first time in the past 5 weeks as gasoline demand over the past 2 months has been flat. The index ended the week trading on lighter than average downside volume of 176,960,192 million. The average weekly trading volume for the price of light sweet crude is 261.41 million. 

There was some good news earlier in the week for the index as inventories fell by 6 million barrels, three times more than analyst expected, but that did not help as oil continued to slide. If noticed, the oil index has not barley moved to the upside throughout the entire summer in which is the peak-driving season. 

The index has been moving in a sideways consolidation for the past 13 weeks and is currently at price lows seen in last June of this year. Downside support is at $39.40 per barrel as the index ended the week trading at $39.77 down -$3.20 per barrel.

 By Marlin Rolle