WizzWatch Market Newsletter

After a pullback for the second week in a row the general market has been continuing to move to the downside. As of the close of the market on Friday the Dow Jones Industrial Average, The Nasdaq and the S&P 500 have all closed lower.

The tech weighed Nasdaq composite index has declined 10.10% since its high at 12,074.06 followed by the S&P 500 down 6.88% and the Dow Jones Industrial Average down 5.25%. The general market remains in a confirmed uptrend but for now its under pressure, so therefore investors need to pay very close attention to support levels. Downside support on the Dow is at 27,095.40, with the Nasdaq support at 10,695.24 and the S&P at 3,284.39. 

As the general market continued its decline the price of the dollar moved slightly higher in the past 2 trading weeks with a gain of 1.77% as the prices of precious metals and oil have all been facing with downside pressure. As the week ended the gold index as well as the price of silver saw a slight uptick. The gold as well as silver indices ended the week trading higher to the upside. The price of gold ended the week trading at $1,947.90 per ounce up +0.70% as silver closed to end the week trading at $26.86 per ounce up $0.15 or .54% higher.

The oil index had good news a week ago but that did not help it to recover from its woes as it continued to decline for the second straight week as it broke through downside support at $39.53 per barrel. The West Texas Intermediate Crude Oil Index ended the week trading at $37.33 down -$2.44 or -6.14% on lighter than average downside volume of 188.2 million. The average downside volume for the index is 258.9 million. In the week ahead investors will need to pay attention to the price of the dollar as it continues to move higher versus other foreign currencies as well as oil and the price of precious metals.

 

By Marlin Rolle