WizzWatch Market Newsletter

As the week that was came to an end the equity markets all three major indices ended the week trading lower. As for now technically speaking we are still in a confirmed uptrend with eleven days before the United States elections. Although there was a pullback in the Dow Jones Industrial Average, the Nasdaq Composite Index as well as the Standard and Poors 500 many stocks continued to move higher to the upside. 

Commodities were mixed to end the week as the price of gold as well as crude oil prices declined as silver edged higher to end the week trading on the upside. The silver index closed to end the week trading at $24.67 per ounce up $0.27 or +1.11% on slightly heavier than average volume of 32.3 million. 

The price of oil took it on the chin as it ended the week trading at $39.85 per barrel down $1.27 or -3.09%. As for now the oil index continues to move in a sideways consolidation for the past 21 weeks between the range if $37.21 and $43.06 per barrel. Gold ended the week trading at $1,905.20 down $1.20 or -0.06%. The gold index is -8.76% away from its August price high as its been on a decline for 6 of the past 12 weeks. 

The Dow Jones Industrial Average began the week trading at 28,633.55 and moved to a price low at 28,040.18 before ending the week trading a few points higher. The index ended the week trading at 28.335.57 down -270.74 points or -0.95% on lower than average trading volume of 1.7 billion. The average weekly trading volume for the index is 1.92 billion.

The top percentage gainers for the index in the past week were (TRV) the Travelers Cos, Inc. +11.16%, (JPM) J.P. Morgan Chase & Co. +2.27%, (WBA) Walgreens Boots Alliance, Inc. +1.68%, (NKE) Nike, Inc. +1.55%, and (DIS) Walt Disney Co. +1.21%.

Over at the Nasdaq there was also a decline for the first time in four of the past 5 trading weeks. The top percentage gainers in the Nasdaq 100 were (ALGN) Align Technology, Inc. +39.53%, (EXPE) Expedia, Inc. +13.24%, (UAL) United Airlines Holdings, Inc. +11.27%, (WDC) Western Digital Corp. +9.96$, (BKNG) Booking Holdings, Inc. +9.33%, and (GSIC) Henry Schein, Inc. -8.74%. The tech weighed Nasdaq Composite Index ended the week trading at 11,548.28 down 123.27 points or -1.06% on lower than average volume of 16.95 billion.

As for the S&P 500 the index began the week trading at 3,493.66 and moved to a price low in which in found weekly support on the 3,415 area before turning to the upside and ending the week trading slightly higher. The top stocks in the index for the week were  (ALGN) Align Technology, Inc. +39.53%, (NCLH) Norwegian Crusie Line Holdings +13.27%, (EXPE) Expedia, Inc. +13.24%, (LVS) Las Vegas Sands Corp. +11.70%, (CMA) Comerica, Inc. +11.27%, amd (UAL) United Airlines Holdings +11.27%.

The Standard and Poors ended the week trading at 3,465.39 -18.42 points or -0.53% on lighter than average volume of 10.91 billion. The average weekly trading volume for the index is 12.39 billion. The decline in the index was its first in the past three trading weeks. 

By Marlin Rolle

Please have a look at the general market charts below