Stocks ended the day and week lower in a wild two-day trading session to end the week. The DOW closed 159.42 points lower or -0.6%, at 28,133.31. At one point, it fell as much as 628 points before reversing course in the late afternoon. The S&P 500 slid -0.8% to 3,426.96, and the NASDAQ fell -1.3% to 11,313.13 to post back to back losing days.
On a weekly level, both the S&P 500 and NASDAQ ended their 5-week winning streaks with the S&P 500 falling -2.3% and the NASDAQ losing -3.2% as the tech sector sold-off. The DOW ended a four-week losing streak falling -1.8% for the week.
One of the few bright spots in the overall market was the US dollar, which posted a weekly gain of +.75% as traders bailed out of the safe-haven assets and piled into the dollar. Which, in turn, caused gold to lose -1.6% on the week.
Even though the indexes had some significant weekly losses, they pail in comparison to crude oil and Bitcoin, crude oil lost -8% on the week and ended trading below $40 at $39.47, issuing a red weekly Trade Triangle indicating that a short-term short position may be in order for crude oil. Bitcoin shed -12% on the week triggering a red weekly Trade Triangle entering a sidelines position.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,349.63
- Dow (INDEX:DJI): 27,526.25
- NASDAQ (NASDAQ:COMP): 10,875.87
- U.S. Dollar (ICE:DX): 93.47
- Gold (NYMEX:GC.Z20): 1,956.60
- Crude Oil (NYMEX:CL.V20): 41.87
- Bitcoin (BITCOIN:BITSTAMPUSD): 12,473.005
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
