S&P 500 hit critical support levels!
January 24th 2016
Market Review
U.S. stocks ended the week with gains. The Dow Jones Industrial Average added 0.7 percent from the prior Friday's close to finish at 16,093.51. The S&P 500 increased 1.4 percent for the week to end at 1,906.90. The Nasdaq gained 2.3 percent over the week to 4,591.18. For all three indexes, it was the first weekly gain in four weeks. Most key S&P sectors finished higher, led by technology, while financials ended in the red. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, declined to below 22.5. Read MoreS&P 500 has exactly reached our lower price target!
January 17. 2016
Market Review
As highlighted in our latest call, U.S. stocks finished another week with deep losses. The Dow Jones Industrial Average slumped 2.2 percent over the week to 15,988.08. The blue-chip average is down 8.3 percent for the year so far. The S&P 500 dropped also 2.2 percent for the week to finish at 1,880.29. The broad index is down 8 percent for the year so far. The Nasdaq lost 3.4 percent for the week to end at 4,488.42. The technology-laden index is down 10.4 percent year-to-date. All three major U.S. averages are more than 10 percent below their 52-week intraday highs, in correction territory. Among the key S&P sectors, materials were the worst performer and utilities the only gainer. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, briefly topped 30 for the first time since Sept. 1. Read MoreCorrection fully in force as S&P 500 ends its worst first week ever!
January 10. 2016
Market Review
In line with our latest call, U.S. stocks finished the week with deep losses and the major averages posted their worst week since 2011. For the week, the Dow Jones Industrial Average slumped 6.2 percent, or more than 1000 points, to 16,346.45. The S&P 500 suffered a weekly loss of 6.0 percent to finish at 1,922.02. The Nasdaq dropped 7.3 percent from the week-ago close to 4,643.63. This is the longest losing streak for the index since November 2011. All key S&P sectors finished in the red for the week, led by materials. Seven of the benchmark's 10 main industries sank more than 5.5 percent this week. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, was near 27. Read MoreDo not chase the market higher as tape confirmation is still missing!
January 03. 2016