WizzWatch Market Newsletter

As for the week that was in the stock market, there was an advance in the Dow Jones Industrial Average as the Nasdaq Composite Index, the Standard and Poors 500, the price of gold, silver as well as light sweet crude oil all declined. This week was a rough one as the U.S. dollar index continued to move lower, and the price of bitcoin continues to sky rocket. Shares of the crpyto currency ended the week at a record closing price high of $56,144.69.

The Dow Jones industrial Average started the week in positive territory trading above its previous closing price from the week prior, but declined to a price low at 31,282.32 before advancing. The index has been moving to the upside for the past three weeks after making a new record price high a week earlier. As for now downside support for the index is currently at 30,899.91, with secondary support at 28,300.17 in which will equate to a correction of no more than 10.17%. At some point the market will have to correct itself. 

Out of all 30 stocks in the Dow 10 advanced as 20 declined to end the week. The price advancers that helped the index to end the week trading higher to the upside were (CAT) Caterpillar +6.02%, (CVX) Chevron +4.97%, (JPM) J.P. Morgan Chase +4.79%, (VZ) Verizon Communications +4.15%, and (BA) Boeing Co. +3.08%. The biggest laggard in the index to end the week was (WMT) Walmart -4.24%.

As the market came to a close on Friday after the holiday-shortened week the Dow Jones Industrial Average closed to end the week trading at 31,494.32 up +35.92 points or +0.11% on lighter than average upside trading volume of 1.36 billion. The average weekly trading volume for the index is 1.87 billion.

The Nasdaq Composite Index began the week trading at 14,152.21 and declined to price lows at 13,714.35 before ending the week trading slightly higher to the upside but below its Tuesday morning opening price. The index has been up for 16 of the past 23 weeks. As for now downside support for the index is at 13,461.96 with secondary support at 12,627.60.

Out of the entire Nasdaq 100 list of companies there were 34 that advanced as 64 declined to end the week. The laggard in the index was (SNPS) Synopsys down -8.22%. The top percentage gainers in the tech weighed index were (UAL) United Airlines +9.32%, (BIDU) Baidu +8.60%, (EXPE) Expedia +8.47%, (AAL) American Airlines +8.16% and (JD) JD.com +6.83%.

The index closed to end the trading session at 13,874.46 down -221.01 points or -1.57% on heavier than average downside trading volume of 27.84 billion. The average weekly trading volume for the index is 22.35 billion. 

At the Standard and Poors 500 there was also a decline in the index for the first time in the past 2 weeks after closing at record price highs the week prior. The S&P began the week on Tuesday trading at 3,939.61 and declined to a price low at 3,885.03 before closing to end the week slightly higher, but below its opening price. The index has been moving higher to the upside for several weeks and is also do for a correction at some point in the near term. As for now downside support is at 3,827.48.

The top price advancers in the index for the week were (FCX) Freeport McMoran +20.04%, (CCL) Carnival Corp. +19.37%, (RCL) Royal Caribbean Cruises +16.62%, (NCLH) Norwegian Cruise Lines +14.06% and (WFC) Wells Fargo Co. +12.82%. As the markets came to a close on Friday the index ended the week trading at 3.906.71 down -28.12 points or -0.71% on lighter than average downside volume of 8.72 billion. The average weekly trading volume for the index is 12.01 billion.

As for commodities the price of gold continued to decline for 15 of the past 28 weeks to end the week trading at $1,777.40 per ounce down $45.80 or -2.51%. As for the price of silver the index has been advancing for 8 of the past 12 weeks after coming from a price low of $21.96 back in November. The index closed to end the week trading at $27.25 down -0.07 or -0.27% on lighter than average downside trading volume of 37.71 million. The average weekly trading volume for the index is 43.27 million. 

As for the price of oil the index has been advancing for 13 of the past 15 weeks but ended this week on the downside after advancing for the past 7. The oil index closed to end the week trading at $59.26 per barrel down $0.21 or -0.35% on lighter than average volume of 209.13 million. The average weekly trading volume for the index is 214.32 million.

 

By Marlin Rolle