The major U.S. indexes were mixed over the past week, with tech stocks outperforming the broader market. Apple Inc. shares led tech stocks higher by rising nearly 4% on Friday after Berkshire Hathaway Inc. revealed a larger stake. On the other hand, industrials moved lower over the course of the week after U.S.-China trade talks ended with strong demands and few signs of a tangible deal. The market has also been concerned over heightened political risks stemming from President Trump and the Mueller investigation.
International markets were higher over the past week. Japan’s Nikkei 225 rose 0.09%, Germany’s DAX 30 rose 1.69%, and Britain’s FTSE 100 rose 0.73%. In Europe, the European Union’s economic outlook painted a rosy picture for the future but highlighted risks posed by potential U.S. interference in global trade agreements. In Asia, Chinese leaders met with U.S. officials to discuss an end to the escalating trade war, but there were few solid signs of agreement in the initial meetings. (See also: Trade Issues Haven’t Gone Away.)
The SPDR S&P 500 ETF fell 0.5% over the past week. After briefly touching lower trendline support, the index rebounded at the end of the week near its 50-day moving average at $267.42. Traders should watch for a breakout from the 50-day moving average to retest trendline and R1 resistance at $272.32 or a breakdown back below the pivot point at $263.49 to retest trendline and 200-day moving average support at around $260.00. Looking at technical indicators, the relative strength index (RSI) appears neutral at 50.80, while the moving average convergence divergence (MACD) has trended sideways.
The major U.S. stock indexes had a volatile week, with tech stocks outperforming the broader market and industrials moving lower. …read more
Read more here: Major Stock Indexes End Mixed After a Volatile Week
Category: SPY, DIA, QQQ, IWM