Wizzwatch Weekly Newsletter

As we close the door on the week that passed in the stock market the Dow Jones Industrial Average, the Nasdaq, the S&P 500, gold, silver as well as bitcoin ended the week trading higher as oil slumped. The past three weeks have been rough as the market continued to correct itself. As for now it seems that we are currently getting back to normal as the Dow confirmed that the downturn in the market is over after 6 consecutive days of upside momentum.

The Dow Jones Industrial Average began the week trading at 31,512.15 and continued to move higher as the week went on. The past week was a great week as 27 of the 30 stocks in the index advanced. The top movers in the index were (BA) Boeing +20.59%, (WBA) Walgreens Boots Alliance +12.73%, (HD) Home Depot +8.40%, (GS) Goldman Sachs Group +6.55%, and (CSCO) Cisco Systems 5.56%.

As the market came to a close on Friday the Dow Jones Industrial Average ended the week trading at a new record closing price high at 32,778.64 up 1,282.34 points or 4.07% on heavier than average upside trading volume of 2.13 billion. The average weekly trading volume for the index is 1.90 billion.

At the Nasdaq the index has been moving lower for 3 of the past 4 trading weeks but ended the week trading higher after coming of support levels at 12,757.14. As for now the index is poised to move higher in the week ahead as the market begins to advance. The Nasdaq started the week trading at 12,904.16 and declined to a price low of 12,599.23 before ending the week trading higher. 

Out of the 100 stocks that make up the Nasdaq 100 there were 78 that advanced as 22 declined. The top percentage gainers in the index were  (TSLA) +16.02%, (AAL) American Airlines +14.28%, (UAL) United Airlines +11.42%, (NTAP) NetApp +10.16%, and (TCOM) Ctrip, Int’l., +9.16%. The Nasdaq closed to end the week trading at 13,319.86 up 399.72 points or 3.09% on heavier than average trading volume of 29.59 billion. The average weekly trading volume for the index is 23.12 billon.

Over at the Standard and Poors 500 the index also advanced higher to the upside as it to made a record price high for the third time this year. The index began the week trading at 3,844.39 and declined to a price low at 3,819.25 before ending the week trading higher. The S&P 500 has moved higher for the past 2 weeks after hitting downside support the week prior. The index has been moving higher for 2 of the past 4 trading weeks.

The top price advancers in the index this week that pushed the S&P 500 higher in the week that passed were (VIAC) ViacomCBS +28.24%, (GPS) Gap, Inc. +20.59%, (DISCK) Discovery +12.64%, (FTNT) Fortinet +12.40%, and (NUE) Nucor Corp. +10.87%. 

As the week ended the S&P 500 closed to end the trading session at 3,943.34 up 101.10 points or 2.64% on heavier than average trading volume of 13.21 billion. The average weekly trading volume for the index is 12.21 billion. In the week ahead it should be a great week as the slump in the market is finally over and the bulls are back after 3 weeks of declines.

As for commodities the price of gold and silver advanced as the price of oil declined. The gold index closed to end the week trading at $1,719.80 per ounce up $21.30 or +1.25% on heavier than average volume of 116.5 million. The silver index closed at $25.91 per ounce up $0.62 or +2.47% as the oil index closed to end the week trading at $65.61 per barrel down $0.48 or -0.73% on heavier than average downside trading volume of 231.8 million. The average weekly trading volume for the price of oil is 217.84 million. 

By Marlin Rolle