In the week that passed the general market continued it's to fight to move higher to the upside. There were many stocks that moved higher during the week but the big picture continues to see challenges going forward. As of the close of the market on Friday the Dow Jones Industrial Average, the Nasdaq Composite Index as well as the Standard and Poors 500 ended the week on the downside.
The Dow ended the week trading with a gravestone doji which indicates that there maybe a turnaround in price that may result in the index moving higher in the week ahead.
The index began the week trading at 27,718.74 but ended the week trading lower to close at 27,657.42 down -8.22 or -0.09% on heavier than average downside volume of 2.37 billion. The average downside volume for the index is 1.91 billion. As for now downside support for the Dow Jones Industrial Average is at 26,746.11.
At the Nasadq, the index continued its price decline for the third consecutive week. Downside support is currently at 10,340.75 as the in index closed below its prior weekly closing price at 10,853.54.
A decline below the previous price is never a good sign so investors should continue to remain cautious going forward. Another factor to make note of is that the index closed to end the week with a short red candlestick.
These types of candlesticks are not easy to use in determining direction especially based on the fact the 2 candles have both been negative. S the week cane to an end the Nasdaq closed at 10,793.28 down -60.26 or -0.56% on heavier than average downside volume of 20.8 billion.
As for the S&P 500 there was no immunity from the downside pressure as it continued to slide lower for the third consecutive week. The index is currently down 5.37% from its all time closing high at 3,508.01. Although the index has been on a decline there have been a few bright spots in the index.
Companies such as (PVH) Phiilips Van Heusen Corp. is up +32.97 for the month followed by (WRK) Westrock Company +24.43% as well as (CRM) Salesforce.com Inc. +19.01% just to name a few. As for now downside support for the index is currently at 3,220.71, the index closed to end the week trading at 3,319.47 -21.50 or 0.64%.
As the general markets continued to decline in the week that passed the price of gold, silver and oil moved higher to the upside. The gold index closed to end the week trading at $1,962.19 per troy ounce up +0.73%.
The price of silver ended the week trading at $27.13 or +1.01% and oil ended the week trading at $41.32 per barrel on lighter than average trading volume of 158.61 million after 2 weeks of declines in its price. The average trading volume for the oil index is 255.34 million.
By Marlin Rolle

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