WizzWatch Market Newsletter

As we closed the door on the final week of trading for the moth of February, It was a brutal week across the board as the market moved lower. The Dow, Nasdaq, S&P 500, gold, silver, as well as bitcoin all declined as light sweet crude oil ended the week on the upside. 

The Dow Jones Industrial Average began the week trading at 31,381.12 and declined to a price low at 30,911.37 before ending the week trading slightly higher. Out of the 30 major companies in the index there were only 7 advanced to end the week on the upside. The top price advancers for the week were (CVX) Chevron Corp. +4.38%, (V) Visa +3.74%, (DIS) Walt Disney Co. +2.93%, (CAT) Caterpillar, Inc. +2.84%, and (AXP) American Express Co. +2.70%. The biggest laggard in the index was (CRM) Salesforce.com down -12.19%.

As the week came to an end the Dow Jones Industrial Average closed to end the week trading at 30,932.37 down -561.95 or -1.78% on heavier than average downside trading volume of 2.27 billion. The average weekly trading volume for the index is 1.88 billion. Downside support at the 21 week moving average is currently at 29,974.12 with secondary support levels at 27,667.38.

At the Nasdaq there was a continuation of its decline from the week prior as the index started the week trading at 13,714.20 but ended the week lower for the second consecutive week. The index has been moving higher to the upside for 7 of the past 17 trading weeks but is now on a price reversal after several weeks of record closing price highs.

The top advancers in the index for the week that passed were (AAL) American Airlines Group +12.10%, (UAL) United Airlines Holdings +9.68%, (MAR) Marriott Int’l. +8.65%, (WYNN) Wynn Resorts, Ltd. +6.53%, and (SBUX) Starbucks Corp. +4.51% as (VTRS) Viatris, Inc. declined 18.45%

At the close of trading on Friday the week the Nasdaq closed to end the week trading at 13,192.35 down -682.12 or -4.92% on heavier than average downside trading volume of 31.69 billion. The average weekly trading volume for the index is 22.68 billion. Downside support for the index is currently at 12,673.94 with secondary support levels at 10,977.72.

Over at the Standard and Poors 500 the index has been on a decline for the second consecutive week after making a record closing price high at 3,934.83 on February 12. The index began the week trading at 3,861.08 on Monday and moved into positive territory by Wednesday but by Friday the index reversed to end the week in negative territory.

The top price advancers in the index were (RCL) Royal Caribbean Cruises +18.26%, (MRO) Marathon Oil +17.46%, (VNO) Vornado Realty Trust +15.28%, (PBCT) Peoples Bank +14.41%, and (SLG) SL Green Realty Corp. +11.59%.

The S&P 500 closed to end the week trading at 3,811.15 down -95.56 or -2.45% on heavier than average trading volume of 14,48 billion. The average weekly trading volume for the index is 12.10 billion. Downside support for the index is at 3,685.99, with secondary support levels at 3,327.97.  

As for commodities the price of gold continued its price decline for the second straight week. The index has been moving lower for 17 of the past 30 weeks since making a closing price high of $2,208 back in August of 2020. The index closed to end the week trading at $1,728.80 per ounce down -48.60 on heavier than average weekly trading volume of 128.01 million. As for now the index is below its 50 week moving average with downside support at $1,709.07.

The silver index has also been moving lower for the past 2 trading weeks after coming from new price highs at the beginning of February. The index began the week trading at $27.56 but moved to a price low of $26.16 before ending the week trading slightly higher. At the close of trading on Friday the index closed to end the week trading at $26.44 down $0.81 or $2.99 on heavier than average weekly trading volume of 49.93 million..

In the oil patch the index continues to advance. The price of oil has been moving higher for 13 of the past 17 trading weeks as the rest of the market declines. As for the week that passed the oil index closed to end the week trading at $61.50 per barrel up $2.24 or 3.78% on heavier than average upside trading volume of 252.05 million. As for now downside support for the index is at $56.14 with secondary support at $47.41 per barrel.

By Marlin Rolle