WizzWatch Market Newsletter

Christmas seemed to have gotten started early, as all three major indicies advanced to end the week after moving lower the week prior. The Dow Jones Industrial Average, the tech weighed Nasdaq Composte Index and the Standard and Poors 500 all ended the week advancing to the upside. The prices of gold, silver as well as oil also continued to moved higher to end the week.

The Dow Jones Industrial Average began the week trading at 30,123.91 and declined to a price low at 29,849.15 before ending the week closing higher. The index has been advancing higher for 5 of the past 7 trading weeks. At the close of the markets to end the week the index closed at 30,175.05 up 132.68 or 0.44% on heavier than average weekly trading volume of 2.30 billion. The average trading volume for the index is 1.93 billion

At the Nasdaq Composite Index there was also a continuation of upside momentum as the index moved higher to the upside after moving lower the week prior. The index has been on the move 6 of the past 8 trading weeks and is up 90.77% since its March 2020 price lows. 

There was also a rebalancing exercise taking place as 6 companies were removed from the Nasdaq 100 and 6 new companies were added. The 6 new additions are (AEP) American Power Company, (MTCH) Match Group, (TEAM ) Atlassian Corporation, (MRVL) Marvel Technology Group, (OKTA) Okta, and (PTON) Peloton Interactive. 

The index closed to end the week trading at another new price high close at 12,755.64 up 377.77 or 3.05% on heavier than average upside trading volume of 25.12 billion. The average weekly trading volume for the index is 18.50 billion that’s a 62.05% increase in above average volume.

The Standard and Poors 500 also closed at record price highs after moving lower the week prior. The index began the week trading at 3,675.27 and moved to a price low of 3,645.81 before ending the week trading higher to the upside. As it relates to the rebalancing of the index (TSLA) Tesla was added to the index.

As the market closed on Friday the S&P 500 closed to end the week trading at 3,709.41 +45.95 or 1.25% on heavier than average trading volume of 13.76 billion. The average weekly trading volume for the index is 12.51 billion.

As for commodities the price of gold closed to end the week trading at $1,888.90 per ounce up $45.30 or 2.46% as silver also advance to end the week trading at $26.03 up $1.94 or 8.06%. The oil index advanced for the 7^th consecutive week ending the week trading at $49.24 up $2.67 or 5.73% and looks poised to mover higher.

                                           

By Marlin Rolle