Resistance R3 1851.40, R2 1839.18, R1 1814.73
Pivot Point 1802.51
Support S1 1778.06, S2 1765.84, S3 1741.39
Resistance R3 1888.65, R2 1868.98, R1 1829.63
Pivot Point 1809.96
Support S1 1770.61, S2 1750.94, S3 1711.59
The USA stock market was down week last week. The last two days, of a holiday shortened week, resulted in a nasty decline for the entire week. The market started Tuesday with a gap up opening, hitting SPX 1849 in the opening minutes. Then bounced around between SPX 1832 and 1847 by Wednesday’s close. Thursday, however, started with a gap down opening and the market continued to decline into Friday’s close. For the week the SPX/DOW were -3.05%, the NDX/NAZ were -1.55%, and the DJ World index lost 2.55%. Economic reports for the week were sparse. On the uptick: FHFA housing prices, leading indicators and the WLEI. On the downtick: existing home sales. Next week is a busy one. We have the FOMC meeting tues/wed, Durable goods orders, the Chicago PMI, and Q4 GDP. Best to your week.
- So after the Dow's nearly 500-point two-day drop, sending the index down 4.2% YTD, is this the start of the long-awaited correction?
- That might be a good thing, MarketWatch's Jonathan Burton writes: "Even a year without a meaningful correction is too long a stretch. Investors get comfortable; the market’s proverbial wall of worry breaks down."
- Josh Brown is disturbed by the lack of tolerance for stock market losses built up during the pre-taper environment, which has fostered an "overly sensitive, emotionally fragile condition" that's unhealthy.
- But it wasn't just U.S. stocks that got hooked on Fed stimulus; emerging markets around the globe also were lifted, and the Fed's pullback now has investors wondering whether those countries can stand on their own.
- The Fed’s policy-setting board meets next week, and new chief Janet Yellen is said to be "very careful about disruptions."
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