The NASDAQ is the only one of the three major indexers to hold on to a weekly gain. Early in the week, the DOW was making a run at 30,000, but it ultimately failed to reach that level and has since been stuck in the mud incurring daily losses in the 3 of the 5 days this week. The NASDAQ, however, was able to post 3 winning days out of the 5 to produce a weekly gain.
As it stands heading into the close, the NASDAQ will post a gain of roughly +.75% while the S&P 500 and DOW will post weekly losses somewhere in the neighborhood of roughly -.4% and -.5%, respectively.
The U.S. dollar and gold are also on the losing side of the coin, posting weekly losses of -.4% and -.9%. Crude oil made a strong comeback with back to back weekly gains and will post a gain just short of +4% for the week.
Bitcoin continues to be on a tear posting its seventh straight week of gains, trading above the 18k level and gaining +17% on the week. Is Bitcoin replacing gold as a flight to safety? Or is something bigger on the horizon for the cryptocurrency?
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,279.74
- Dow (INDEX:DJI): 26,691.28
- NASDAQ (NASDAQ:COMP): 10,830.95
- U.S. Dollar (ICE:DX): 94.30
- Gold (NYMEX:GC.Z20): 1,879.20
- Crude Oil (NYMEX:CL.F20): 41.49
- Bitcoin (BITCOIN:BITSTAMPUSD): 13,220.00
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
