DOW Posts First Record Close Since August

All three of the major averages finished the week higher, marking three straight weeks of gains, with the DOW being the only one to post a daily gain on Friday, hitting a record close. The DOW was able to post a weekly gain of +1.08%, while the S&P 500 gained +1.64% and the NASDAQ gained +1.29%, triggering a new green weekly Trade Triangle, indicating it's now in a strong uptrend.

The DOW climbed 74 points or +0.21%, hitting a record close of 35,677.02, its first since August 16. The S&P 500 fell -0.11% to close at 4,544.90 a day after closing at a record, and the NASDAQ shed -0.82% to the week at 15,090.20.

On a monthly level, the S&P and DOW are up about +5%, while the NASDAQ is up +4%.

This week's other big news is Bitcoin and, more specifically, the forest Bitcoin-related ETF that started trading this week.

Bitcoin rose to an all-time high of $67,016.50 as the ProShares Bitcoin Strategy ETF (BITO), the first bitcoin-related exchange-traded fund to trade in the U.S., made its debut on Tuesday.

BITO ended the trading day up 4.65% at near $41.80 per share. As of 4:02 p.m. ET, shortly after the close of U.S. stock markets on Monday, the ETFs trading volume had reached 23.9 million shares, worth more than $1 billion based on the closing price, ranking the investment vehicle as one of the top ETF launches in history.

Key Levels To Watch Next Week:

Every Success,
Jeremy Lutz
INO.com and MarketClub.com

Strong Start To Earnings Season Boosts Stocks

Earnings season is off to a better-than-expected start for the third-quarter earnings reports, which in turn gave the DOW a boost to achieve its best weekly performance since June. Friday's move higher was strong enough to trigger a new green weekly Trade Triangle for the DOW, pushing the Chart Analysis Score to +100, indicating that the DOW is now in a strong uptrend. Friday's move also propelled the S&P 500 higher, triggering a new green weekly Trade Triangle, leaving the NASDAQ as the only index of the three in a sidelines position.

The DOW gained 382.20 points or +1.09% to close at 35,294.76. The S&P 500 added +0.75% to end the day at 4,471.37, and the NASDAQ rose +0.50% to finish at 14,897.34.

The three major indexes closed the week higher and are positive on the month. The DOW had a weekly gain of +1.58%, the S&P 500 +1.82%, and the NASDAQ outperformed with a weekly gain of +2.18%. Continue reading "Strong Start To Earnings Season Boosts Stocks"

On To The Fourth Quarter Of 2021

I don't know about you, but I'm glad that September and the third quarter of 2021 are over! I'm ready to head into the fourth quarter with a fresh mindset, and hopefully, the market is too.

On the final day of September trading, the DOW dropped 546.80 points or -1.59%, to close at 33,843.92. The S&P 500 was down -1.19% to 4,307.54, while the NASDAQ fell -0.4% to 14,448.58.

Overall, September was a rough month for equities, with inflation fears, rates rising, and concerns about Chinese property putting pressure on the market. The S&P 500 finished the month down -4.8% for its worst month since March 2020, when the pandemic caused a major market sell-off. In addition, the NASDAQ fell -5.3% for its worst month since March 2020, while the DOW dropped -4.3% for its worst month in 2021. Continue reading "On To The Fourth Quarter Of 2021"

Wild Week Comes To A Calm Close

Trading started on the wrong foot Monday, extending last week's losses for stocks, but a mid-week bounce and calm day of trading on Friday helped soothe the market. The DOW gain 33.18 points or +0.10%, to 34,798.00. The S&P 500 edged +0.15% higher to 4,455.48, and the NASDAQ shed 0.03% to close at 15,047.70.

All three major indexes were able to finish the stress-filled week in the green, with the DOW finishing the week +0.6% higher, while the S&P 500 ended it +0.51% higher and the NASDAQ eked out a small gain of +0.02%. Continue reading "Wild Week Comes To A Calm Close"

DOW Finishes With 5 Straight Days Of Losses

The DOW posted a daily loss for a fifth straight day Friday as economic uncertainty looms large. The DOW dropped 271.7 points or -0.78%, to close at 34,607.72. The S&P 500 dipped -0.77% to close at 4,458.58, and the NASDAQ -0.87% to close at 15,115.49.

For the week, the DOW finished down -2.15% for its second negative week in a row. Likewise, the S&P 500 lost -1.69% for the week, its first weekly loss in two weeks, while the NASDAQ finished the week -1.61% lower. Continue reading "DOW Finishes With 5 Straight Days Of Losses"