Wall Street Closes the Best Week for 2015
Wall Street closed with tepid gains on Friday, with the Dow Jones adding 33 points and ending the day at 17,084.49. The Nasdaq and the S&P added 0.41% and 0.07% respectively, in what has been one of the best weeks for this 2015.
The indexes extended their advance as investors weighed the latest FOMC’ dovish Minutes, and more poor US data, as on Friday, news showed that import and export prices both fell in September, while wholesale sales slid 1.0% in August, far beyond expected.
Technically, the daily chart for the index shows that its stalled its advance a few points below its 100 DMA, while the technical indicators have lost their upward strength and turned flat near overbought levels, far from signaling an upcoming retracement.
In shorter term, the 4 hours chart shows that the index is still well above a bullish 20 SMA, whilst the RSI indicator turned slightly lower around 69 and the Momentum indicator heads slightly lower, but well above its mid-line.
Friday’s low at 17,003 is the level to watch as pullbacks towards it should attract buying interest to keep the upside favored.