Last week, Markets started on the week side. As I have noted before, there is resistance at 2080, and support between SPX 2060 and 2040. On Tuesday, SPX touched 2044 and bounced back. It was then a volatile, but range-bound market. Stocks sold off on Wednesday again. On Thursday morning, there was buying in the morning, but it faded towards the close. Things looked better on Friday, as Greece submitted a new proposal for the bailout. Still, SPX was not able to push above 2080.
Since the market was swinging back-and-forth, we did not trade as much. Here are the closed trades for the week:
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Tonight, at the time of this writing, there was a "compromise proposal" to be further discussed among the EU leaders. It is early in the morning in Europe. We will have to see if the negotiations can make further progress.
For the week, the Dow was up +30.3 points; SPX was essentially unchanged; Nasdaq slipped 11.51 points. Gold slid, but, remained around $1160/ounce. Oil (WTI) fell to about $52/barrel. Let's see where the US markets stood after Friday's close:
On Friday, SPX added +25.31 points to close at 2076.62. It closed above its 10-day MA. The MACD moved up.
Nasdaq gained +75.3 points to close at 4997.7. Both SPX and Nasdaq experienced a good bounce on Friday, closing above their respective 10-day MAs. It will be a busy week next week, not only because of Greece, but, Fed watch and China's GDP should be in focus on ...