The market as defined by the S&P 500 percolated over the past five days. We opened the week Monday May 11 at 2115.56 and closed Friday May 15 at 2122.72. That means we had new highs established on Thursday and Friday, but were only up 7.16 points for the week. We remain in a tight trading range for the S&P 500 with support remaining at 1970 and resistance at the 2120 level. You will notice that we slightly exceeded resistance with Friday’s close. It will be interesting to see the market will build on that or have short term pullback
Weekly Market Update 5/11/2015 May 4 – May 8, 2015 – More of the Same We seem to be continuing the pattern of the past several weeks with lackluster weekly movement with a couple of exciting days. After make a fake to the downside Tuesday due to a poor trade report, we bounced back with a 28 point move upward on the S&P 500 today, attributed to a strong jobs report. This was a strong move with volume increasing from around 300 million shares traded each day earlier in the week, to 524 million shares traded today. The official unemployment
Weekly Market Update April 27-May 1, 2015 – Late Excitement We once again had a fairly calm market this week. We saw the S&P 500 open at 2119.29 on Monday, and close this afternoon, Friday, May 1 at 2108.29; a small loss of 11 points for the week. The month of April was more of the same, with a monthly gain of a fraction over 17 points. We have been stuck in a very narrow trading range since December with support at 2040, and resistance at 2115. This week was very similar to what we have seen in recent months.