The weekend was spent working on the members website as we prepare to install the investing software which I have been discussing.
The market direction outlook is shortened this evening to allow more time for writing some trading articles.
Friday’s market did well but the Florida shootings stalled the intraday advance. By the close the market was back up but off the highs.
The Dow Jones came within a point of the 20,000 level thanks in part to a rally in Apple Stock. All 3 indexes closed at new all-time highs.
S&P Index Close
The S&P index ended the day up 7.98 to 2276.98 its all-time highest close.
Dow Jones Index
The Dow Jones closed up 64.51 to 19,963.80, a record high close.
NASDAQ Index Close
The NASDAQ closed up 33.12 points setting a new record close at 5521.06.
Stock Market Outlook
Technically the market is showing some signs of weakness but the technical indicators are supportive of the rally, except for MACD which still has a sell signal in place.
Momentum finally turned positive. Rate of change is unchanged which is signaling that prices are not broadly moving higher.
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 – Monday Jan 9 2017
For Monday Jan 9 2017, the stock markets enter the first full week of trading for 2017. Despite some signs of weakness from both the Rate Of Change and the MACD technical indicators, overall the markets should push higher on Monday and set new all-time highs.
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