Stock Market Coast Into Weekend

Posted on by The INO.com Team

Hello traders everywhere. After a record week, the stock market is coasting into the weekend on subdued trading after hitting record highs at the open and posting a weekly gain. The NASDAQ topped the 9,000 mark for the first time Thursday, closing in record territory, lifted by a jump in Amazon shares on a record holiday shopping season. The NASDAQ has risen for 11 straight days, the longest winning streaking since July 2009.

The NASDAQ leads the way with a weekly gain of +1.1%, followed by the DOW with an increase of +.80%, and the S&P 500 will post a weekly gain of +.70% bringing up the rear. However, the S&P 500, which is up 29.2% in 2019, is really close to reaching historic proportions. The index will post its best year since 1997, with an annual gain of more than 29.6%.

Friday marks day three of the so-called Santa Claus rally period, which is historically beneficial for stocks. Since 1950, the S&P 500 has rallied an average of 1.3% during the final five trading days of the year and the first two sessions of the new year, according to the Stock Trader's Almanac.

Not to be forgotten, gold will post a weekly gain of +2.4% trading back above the $1,500, which it last saw in early November. Crude Oil will also post a weekly increase of +2.1% as global demand for US oil continues to grow.

Bitcoin continues to trade in a tight range trading just above the $7,000 level sneaking out a weekly gain of +1.2% this week, but it's still trapped in a long-term downtrend with a red monthly Trade Triangle.

The Dollar is feeling the pressure of a climbing gold and will post a weekly loss of -.68%, triggering a new red weekly Trade Triangle, indicating that it is now in a long-term downtrend.

Key Levels To Watch Next Week:

Every Success,
Jeremy Lutz
INO.com and MarketClub.com

One thought on “Stock Market Coast Into Weekend”

Comments are closed.