Technical Stock Market Briefing for Day & Swing Traders
| By Harry Boxer, Technical Market Analyst
Sentiment weakened last week as all major U.S. indices sold off following the prior week’s corrective rally. The S&P 500 slipped 1.5 %, and the tech‑heavy Nasdaq fell about 2.6 %. Year to date, the S&P 500 is down roughly 10.2 %, while the Nasdaq is lower by about 15.7 %.
Although U.S. small‑cap stocks have lagged large caps for most of the year, the Russell 2000 bucked the trend and finished the week up more than 1 %.
Abroad, the Euro Stoxx 50 and Germany’s DAX were muted. The U.K.’s FTSE looked far more confident, rallying over 4 % on hopes of a “special relationship” with the United States. In Asia, the Nikkei and Chinese markets continued their corrective rallies, closing marginally higher. Australia showed a similar pattern. India’s Nifty stood out, closing above multi‑month highs and testing January’s peak, while Brazil’s Bovespa also rallied—though, like most other markets, the move appears corrective.
Gold’s Surge & Market Volatility
Gold rose for the sixth week out of the past seven, eclipsing the $3,300‑per‑ounce level just a week after topping $3,200. By Friday, gold traded around $3,335—up more than 25 % year to date.
Market volatility is uncomfortable but normal. In any given year, two or three pullbacks are typical, especially during heightened uncertainty. History shows that time in the market consistently beats trying to time in and out, which often leads to poor decisions and lower returns.
Technical Outlook – Key Levels Ahead
Strictly technically, the indices backed off key overhead resistance as the prior week’s rally faded near those levels, retested, and then stabilized in a narrow range by week’s end. The coming week should reveal whether the rally off recent spike lows can extend or if nearby key support will hold; failure there could spell deeper trouble.
Either way, as always, we will “Trade What We See Technically, Not What We Think.”
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