Thursday’s market was all about the retailers slump with many retailers pulling back. Most of the damage was sustained by Kohl’s and Macy’s but other retailers like Bed Bath and Beyond and Target declined.
Gold meanwhile, rose further along with oil and the dollar continued to pullback.
Amazon Stock helped to bolster the indexes today as it rose $23.27 to close at $780.45 in a move that many analysts believe will eventually send the stock beyond the 52 week high of $847.21.
S&P Index Close
The S&P index ended the day down just 1.75 points to 2269.00
Dow Jones Index
The Dow Jones ended the day down 42.87 points to 19,899.29
NASDAQ Index Close
The NASDAQ closed up 10.93 points to 5487.94 for a new record high close squeaking past the Dec 27 closing high of 5487.44
Stock Market Outlook
With the S&P virtually unchanged on the day there is no need of a technical chart for this evening’s outlook to Friday Jan 6 2017.
Support Levels To Be Aware Of:
The market has been trying to build support at the 2250 level. There is light support at 2195 but better support is at 2180 and then 2150.
Stock Market Outlook for Tomorrow – Friday Jan 6 2017
For Friday, the indexes may be impacted by the unemployment report due out at 8:30 AM. It is largely expected that the unemployment report will show further advances and a possible decline to 4.5% which would be the lowest level of unemployment in more than 9 years. This would also reach a level that the Federal Reserve has indicated is a concern and a probable reason to raise interest rates in March 2017.
Overall the action on Thursday was actually bullish, not bearish. The market dipped on the news from retailers, but volume did not pick up. Most investors took the news in stride.
The outlook has not changed. Stock indexes should continue to advance. Friday we could see the jobs numbers impact the markets, but in general, even a downturn on Friday will eventually be turned back positive next week. Therefore any change or effect from the jobs report on Friday will be short-lived. The market outlook remains higher.
For now dips are still opportunities as the markets will be setting new highs shortly.
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