May 8th 2022 |
Market Review |
U.S. stocks experienced a roller-coaster week. The losses on Friday clinched a losing week for all three major indexes despite starting off the period with three straight positive sessions. For the week, the Dow Jones Industrial Average slipped 0.2% for its sixth consecutive negative week to finish at 32,899.37. The blue-chip index recorded both its best and worst days since 2020. The S&P 500 dipped 0.2% in five trading days to end at 4,123.34. The Nasdaq lost 1.5% this week and finished at 12,144.66, about 25% below its record high from last November. Both averages booked their fifth straight losing week. Among the key S&P sectors, the energy sector was the best weekly performer, while real estate dragged the most. The CBOE Volatility Index (VIX) – seen by many investors as the best “fear gauge” on Wall Street – jumped to 30.
Short-Term Technical Condition
Not surprisingly, the short-term-oriented down-trend of the market remains well in force. The S&P 500 closed 134 points below the bearish threshold of the Trend Trader Index, plus both envelope lines of this index are still deceasing on a fast pace. This shows that the S&P 500 has made…
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