stock market update - sentiment trader stock market update
U.S. stocks closed higher on Friday amid news regarding Greece and after the release of three more economic data sets while investors' focus shifted back to the Federal Reserve.
We think the big announcement is the FED meeting in SEPTEMBER where Yellen and her slew of morons, will try to work out if they actually do RAISE rates. Until then, all we get is rumors, rumors, rumors. So do not fall into that trap.
U.S. equities hit session highs less than an hour ahead of the close as news about the euro zone confirmed it agreed to launch a new bailout program for Greece. Before then, the three major indexes traded in a range similar to that of Thursday.
Stocks closed near the flatline on Thursday after giving back the bulk of their gains less than an hour ahead of the close, despite worries about China largely dissipating as investors digested a slew of economic data.
Big picture, We think we're still contending with some of the ripple effects of of what's going on in China, and The GREEK news is back on the table. They are in all sorts of problems over there.
China devalued its currency this week, the yuan, by over 3 percent against the greenback, taking global markets by surprise.
The major indexes managed to eke out gains for the week despite the volatility brought about by the yuan's depreciation. The Dow Jones industrial average gained 0.6 percent, while the S&P 500 rose 0.68 percent. The Nasdaq rose just 0.9 percent as biotechnology stocks fell 1.25 percent for the week.
Right now you can see the SPX has been forming what we call in technical analysis a SYMMETRICAL TRIANGLE.
Basically triangles form because the buyers and sellers are tussling and no one is winning or taking control right now. Eventually one side will win, and you get the BREAKOUT OR BREAKDOWN. So far its a bit too early to tell, as we are still inside the triangle pattern itself. So its anyone's game right now.
With the FRIDAY close Today closing near the upper falling resistance line. This makes it very interesting for next week. As sooner or later these triangles break, and it seems its trying to break to the upside, but alas, we are going to have to wait till next week no doubt, as there is a slew of data and news coming out then. But its an interesting pattern setting up. See the chart below.....
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