Market Summary (continued) SP500 -4.57, -0.19%
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Posted On: 05/03/2017 1:36:26 PM
Market Summary (continued)
SP500 -4.57, -0.19%
NASDAQ -1.33, -0.02%
DJ30 -40.82, -0.19%
SP400 -0.95%
RUTX -1.18%
SOX -1.74%
VOLUME: NYSE flat; NASDAQ +9%. Volume solid all week and increasing into the end of the month. NASDAQ trade jumped to the highest of the week on a week of stronger, above average volume as NASDAQ moved higher. Always good for the upside to see expanding volume on moves higher.
There were many stories Friday from the EU showing hotter CPI inflation (1.9% year/year and the highest core rate in 4 years), to an alarmingly weak US Q1 GDP 0.7% vs 1.1% expected vs 2.1% Q4), to more earnings, to yet another delayed vote on any US healthcare reform. All important, but all really background noise for the market.
Why? Because the stock indices made a serious break higher early week, moving off of patterns at support that we saw but, as is often the case when fighting your emotions versus facts, had little faith in. After that initial break the move stalled through Friday, but that was exactly the action we felt it should show: a solid upside break off of support, moving back up to an important level, then pausing in a 1-2-3 test to make a new upside move this week.
SP500 -4.57, -0.19%
NASDAQ -1.33, -0.02%
DJ30 -40.82, -0.19%
SP400 -0.95%
RUTX -1.18%
SOX -1.74%
VOLUME: NYSE flat; NASDAQ +9%. Volume solid all week and increasing into the end of the month. NASDAQ trade jumped to the highest of the week on a week of stronger, above average volume as NASDAQ moved higher. Always good for the upside to see expanding volume on moves higher.
There were many stories Friday from the EU showing hotter CPI inflation (1.9% year/year and the highest core rate in 4 years), to an alarmingly weak US Q1 GDP 0.7% vs 1.1% expected vs 2.1% Q4), to more earnings, to yet another delayed vote on any US healthcare reform. All important, but all really background noise for the market.
Why? Because the stock indices made a serious break higher early week, moving off of patterns at support that we saw but, as is often the case when fighting your emotions versus facts, had little faith in. After that initial break the move stalled through Friday, but that was exactly the action we felt it should show: a solid upside break off of support, moving back up to an important level, then pausing in a 1-2-3 test to make a new upside move this week.
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