Mixed Thoughts Going Forward, Momentum is Declining

Directionless’ was the best way to describe how the equity markets acted last week, as the major stock indices bounced back and forth in a volatility week of trading. Most equity traders were whipsawed by the week’s movements, as the markets pushed higher and then dropped towards the end of the week. The benchmark S&P 500 index finished the week down 0 .75% or 8.8 points, while the leading Nasdaq closed with a loss of 0.82%. From a technical point of view the major equity indices have now seemed to have run into strong resistance, a level that is creating extremely choppy trading.



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