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It is getting to be a familiar place, that precipice. How many times will the S&P 500 walk up to it and turn back?
The weekly chart of the S&P 500 shows that the 1880 area seems to be some key support. It's been tested 6 times since last summer and has turned back up each time. Momentum is negative, but it's trying to turn back up. RSI is stair-stepping lower. Volume has been high since the beginning of the year.
The upward momentum from late January didn't carry into February. Stocks were down this week and Friday's action thwarted the bull's effort to keep the week to just modest losses. The dollar took a hit this Wednesday but traders were able to reverse its effect before heading into the close. However investors sold Friday with the release of the jobs report which saw 151,000 jobs added in January and a 4.9% unemployment rate.
Bonds (F-fund) saw a slight gain this week while the TSP
Kicking off February with a wonderfully horrible week, this was the S&P 500's 4th worst Week 5 over the past 66 years, here’s the bottom 10
SPX’s Week 6 ranks as the 9th best week within the 13-week 1st quarter period (COLD)
__3rd best winning ratio
__12th best positive
Updated Yesterday at 08:33 PM by JTH
U.S. Economy Added 151,000 Jobs in January; Unemployment at 4.9%
Stocks opened lower on Thursday and the bulls made several attempts to take the indices higher, but the bears weren't far behind selling the intraday rallies. The bulls won the battle as the Dow ended the day up 80-points, but the bears were able to erase an earlier 150-point gain. New York Fed President William Dudley said that tighter financial conditions could weigh on the Federal Reserve's decision to move forward with its plan to normalize rates. Is that good or bad? It doesn't