Hello traders! This is the Weekly Market Update for the week ending on 13th of November 2020.
1. Lets get started with the performance of the major indices day by day first.
On Monday we had strong gains for Dow Jones and S&P 500 - news that the experimental coronavirus vaccine co-developed by Pfizer and BioNTech prevented more than 90% of infections in a large-scale study. However, the indices closed far from the highs of the day, as the frantic rally, as well as last week's strong profits, gave investors the opportunity to secure profits. At the beginning, the Dow Jones jumped to a new all-time high with a jump of 5.5%, while the wider S&P 500 also recorded a rally record of 3.7%.
Dow Jones: + 2.95%
SP500: 1.17%
Nasdaq: -1.53%
On Tuesday we had mixed signs with the Dow Jones industrial average adding another 262 points. The technology Nasdaq recorded strong losses for the second consecutive session and now loses 2.9% since the beginning of the week.
Dow Jones + 0.90%
S&P 500 -0.14% (recovered nicely from the low levels of the period, with an early loss of 1.1%)
Nasdaq -1.37%
On Wednesday we saw positive signs as investors preferred the security of the shares that performed well in the coronavirus crisis.
Dow Jones -0.08
S&P 500 +0.77
Nasdaq + 2.01%
On Thursday, the growing number of cases in the US has raised concerns about the health of the economy as the year draws to a close.
Dow Jones -1.1%
S&P 500 -1%
Nasdaq -0.7%
On Friday, we ended the week with a mini rally, with investors' "appetite" fueled by hopes that an effective coronavirus vaccine may soon be available. However, there are concerns about the number of coronavirus cases both in the US and in other countries with one negative record being broken after another.
Dow Jones + 1.37%
S&P 500 + 1.36%
Nasdaq + 1.02%
On weekly basis the Dow Jones had a gain of +4.1%, the S&P 500 +2.2% while the Nasdaq had a loss of 0.6%
2. The outlook of Wall Street right now is : Uptrend.. The Uptrend was confirmed on 4th of November with our follow through days on Dow and SP500 and on 5th of November with the follow through day on Nasdaq. The distributions days are 1 for SP500 and 2 for the Nasdaq.
3. Technical Analysis for Nasdaq
Resistance : 12081
Support : 11542 (which is also the EMA21)
4. Expectation for the next week : Higher
1. Lets get started with the performance of the major indices day by day first.
On Monday we had strong gains for Dow Jones and S&P 500 - news that the experimental coronavirus vaccine co-developed by Pfizer and BioNTech prevented more than 90% of infections in a large-scale study. However, the indices closed far from the highs of the day, as the frantic rally, as well as last week's strong profits, gave investors the opportunity to secure profits. At the beginning, the Dow Jones jumped to a new all-time high with a jump of 5.5%, while the wider S&P 500 also recorded a rally record of 3.7%.
Dow Jones: + 2.95%
SP500: 1.17%
Nasdaq: -1.53%
On Tuesday we had mixed signs with the Dow Jones industrial average adding another 262 points. The technology Nasdaq recorded strong losses for the second consecutive session and now loses 2.9% since the beginning of the week.
Dow Jones + 0.90%
S&P 500 -0.14% (recovered nicely from the low levels of the period, with an early loss of 1.1%)
Nasdaq -1.37%
On Wednesday we saw positive signs as investors preferred the security of the shares that performed well in the coronavirus crisis.
Dow Jones -0.08
S&P 500 +0.77
Nasdaq + 2.01%
On Thursday, the growing number of cases in the US has raised concerns about the health of the economy as the year draws to a close.
Dow Jones -1.1%
S&P 500 -1%
Nasdaq -0.7%
On Friday, we ended the week with a mini rally, with investors' "appetite" fueled by hopes that an effective coronavirus vaccine may soon be available. However, there are concerns about the number of coronavirus cases both in the US and in other countries with one negative record being broken after another.
Dow Jones + 1.37%
S&P 500 + 1.36%
Nasdaq + 1.02%
On weekly basis the Dow Jones had a gain of +4.1%, the S&P 500 +2.2% while the Nasdaq had a loss of 0.6%
2. The outlook of Wall Street right now is : Uptrend.. The Uptrend was confirmed on 4th of November with our follow through days on Dow and SP500 and on 5th of November with the follow through day on Nasdaq. The distributions days are 1 for SP500 and 2 for the Nasdaq.
3. Technical Analysis for Nasdaq
Resistance : 12081
Support : 11542 (which is also the EMA21)
4. Expectation for the next week : Higher