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Bulls Make Slight Gains With Latest CI Market Dashboard

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Weekly Market Summary

The Dow Jones Industrial Average (DJIA) gained 0.04% from last week to close at 18,145.71. For yet another week, the 50-day moving average (18,313.50) appears to be a resistance point to the upside. To the downside, we look for round-number support at 18,000.

The S&P 500 Index (SPX) posted a weekly win of 0.8% to 2,141.16. To the upside, the 50-day moving average (2,160.30) may be a speedbump. We continue to look to the 2,125 level for initial support.

According to the Select Sector SPDRs website, nine of the 11 S&P Select Sector SPDRs posted gains this week. The only two declining sectors were consumer staples (XLP), which fell 0.27% and industrials (XLI), which posted a 0.42% loss for the week. The biggest gainer for the week was materials (XLB), which added 1.6%. Technology (XLK) gained 0.34% over the last five trading days.

The broad market Wilshire 5000 (W5000) climbed 0.43% for the week to end at 22,264.26. The 50-day moving average, currently at 22,464.70, may offer some resistance to the upside moving forward. To the downside, we expect round-number support at the 22,000 level.

The tech-laden Nasdaq Composite (COMP) gained 0.8% this week to close at 5,257.40. After drifting above and below its 50-day moving average all week, the index managed to regain the high ground on Friday, closing above the average’s currently level of 5,250.51. We do not expect the moving average to offer any support moving forward, so we look to the 5,200 level for initial support.

The Russell 2000 (RUT) index of small stocks ended the week at 1,218.10 after climbing 0.47% for the week. It appears that the 1,220 level, which had previously offered support, may be a near-term resistance point. We look for initial support around the 1,200 mark, which held in mid-September.

The CBOE Volatility Index (VIX) posted a weekly loss of 17.2% to fall to 13.34.

Computerized Investing Market Dashboard Indicators

This week, one of the Market Dashboard indicators triggered a new bullish signal, switching from neutral. However, no indicators generated confirming bullish or bearish signals this week.

To see the current signals of all the dashboard indicators, visit the CI Market Dashboard.

The Market Dashboard is one of the many benefits of Computerized Investing, a service from AAII that harnesses the power of technology to help individual investors become more effective managers of their own portfolios. To learn more about Computerized Investing, visit http://www.aaii.com/computerized-investing/about

 

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