Hello everybody! Welcome to another episode of Weekly Market Update. Let's get started with the performance of the major indexes of Wall Street for the week ending on 24th of April 2020.
The Dow Jones Industrial Average closed on Friday with a gain of 1.11%, adding 260.01 points and closing at 23,775.27. On a weekly basis the Dow Jones had a loss of 1.93% while from the start of the year it has a loss of 16.69%.
The S&P 500 closed on Friday with a gain of 1.39% adding 38.94 points and closing at 2836.74 points. For the week the S&P 500 had a loss of 1.32% while it's YTD performance is -12.2%.
The NASDAQ Composite Index closed on Friday with a gain of 1.65% adding 139.77 points and closing at 8634.52. For the week it was down only 0.18% while from the first of the year it is only 3.77% down. As you can see the NASDAQ composite has better performance than the other two major indexes.
The current market outlook right now is that we are on an UPTREND. An Uptrend that was confirmed on 2nd of April 2020, the date that we had our follow through day. A follow through day is a day of a new rally between 4th and 7th day with a gain of 1% at least and volume higher than the previous day. On 7th of April we had a distribution day which has been deleted after the huge gain of 4% on 14th of April. A distribution day is a day when a major Index falls 0.2% or more with volume higher than the previous day.
We remain at 0 distributions days, which is a positive sign for the market. A lot of distributions days on a short term means weakness for the rally.
Personally I wouldn't be afraid if we have a pullback at our Trendline Support (1) and then the markets continue up. As we told on our previous Weekly Market update we are on 61.8% Fibonacci Level, we crossed the 50 moving average and on Friday 17th of April we saw a pinbar . So there was a 65-70% probability for the markets to have a pull back to the Trendline support as it happened. But now we have also a test at Trendline Support (2).
We remain on an UPTREND right now and we have to see if it will break the Trendline Support (2). If this happens then it may move until Trendline Support (1).
See you next week for another Weekly Market Update!
The Dow Jones Industrial Average closed on Friday with a gain of 1.11%, adding 260.01 points and closing at 23,775.27. On a weekly basis the Dow Jones had a loss of 1.93% while from the start of the year it has a loss of 16.69%.
The S&P 500 closed on Friday with a gain of 1.39% adding 38.94 points and closing at 2836.74 points. For the week the S&P 500 had a loss of 1.32% while it's YTD performance is -12.2%.
The NASDAQ Composite Index closed on Friday with a gain of 1.65% adding 139.77 points and closing at 8634.52. For the week it was down only 0.18% while from the first of the year it is only 3.77% down. As you can see the NASDAQ composite has better performance than the other two major indexes.
The current market outlook right now is that we are on an UPTREND. An Uptrend that was confirmed on 2nd of April 2020, the date that we had our follow through day. A follow through day is a day of a new rally between 4th and 7th day with a gain of 1% at least and volume higher than the previous day. On 7th of April we had a distribution day which has been deleted after the huge gain of 4% on 14th of April. A distribution day is a day when a major Index falls 0.2% or more with volume higher than the previous day.
We remain at 0 distributions days, which is a positive sign for the market. A lot of distributions days on a short term means weakness for the rally.
Personally I wouldn't be afraid if we have a pullback at our Trendline Support (1) and then the markets continue up. As we told on our previous Weekly Market update we are on 61.8% Fibonacci Level, we crossed the 50 moving average and on Friday 17th of April we saw a pinbar . So there was a 65-70% probability for the markets to have a pull back to the Trendline support as it happened. But now we have also a test at Trendline Support (2).
We remain on an UPTREND right now and we have to see if it will break the Trendline Support (2). If this happens then it may move until Trendline Support (1).
See you next week for another Weekly Market Update!