Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, FAS, BTK, IGV, FDN

It was another volatile week! Markets popped on Monday, sending SPX back up to test 2105. But, the selling came on Tuesday and Wednesday, pushing SPX down to test 2050. Then, buyers came in again on Wednesday afternoon. Thursday and Friday traded in a tight range, with SPX ending above 2090.

We had another mixed week. We had mostly profitable trades. CSCO calls on as an earnings play did well. CREE calls after earnings was lucrative and we booked in some nice intraday gains. Here are the closed trades for the week:

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For the week, the Dow added +104.02 points; SPX slid +13.97 points; Nasdaq crept up +5.4 points. Gold popped higher to trade above $1110/ounce. Oil (WTI) sank below $43/barrel. At the time of this writing, Asian markets were mixed. Let's take a look at how the US markets closed on Friday.


On Friday, SPX added +8.15 points to close at 2091.54. Its daily MAs were little changed. The MACD crept higher.


Nasdaq gained +14.68 points to close at 5048.24. Its daily MAs slid.

SPX managed to closed just above its 10-day MA, while Nasdaq finished below its daily MAs. For the new week, stocks are still stuck in a neutral gear with a bearish bias. Besides Wednesday's Fed minutes, I'm still watching the leading sectors for clues.

SPX has resistance between 2100 and 2110; its support is still between 2070 and 2050.

Sector Watch

FAS (financials)

FAS managed to close above its daily MAs. Its MACD went flat. GS is still bearish. But, WFC, JPM, and BAC are holding up. MA and V remain strong.

FDN (internet)

FDN is still holding up. GOOG's pop on restructuring certainly helped. AMZN and NFLX are also holding up well.

BTK (biotech)

BTK closed lower last week again. BIIB is trying to find a base. CELG, AMGN, and GILD are holding up.

IGV (software)

IGV closed higher last week. CRM and INTU are reporting on Thursday after market. This sector has been very strong.

I think this market will start the week mixed. By Monday afternoon, we should see if Friday's buying has any legs behind it. Charts are neutral as things bounced off of the lows last week. We will have to stay patient until the picture gets clearer.

Good night and HappyTrading! ™

Posted to Ecstatic Plays on Aug 17, 2015 — 1:08 AM
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