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The S&P 500 index slipped 0.53% this week after five days of seesaw price action. After spending several weeks hovering close to its 200 DMA, the index has climbed back above a key ($2670-$2710) resistance zone, which is now acting as a fresh area of support.
Last week’s volume levels were relatively weak as compared to the weekly volume levels we have witnessed over the past 12-15 weeks.
When the dust settled on Friday afternoon, the Energy sector (XLK) once again led the market with a healthy 1.8% gain.
The Basic Materials (XLB) and Industrial (XLI) sectors also led the market higher for the week, rising by 1.65% and 0.83% respectively.
Four sectors lost more than 1% last week. Real Estate (XLRE) led the group slipping by 3.08%. Rising interest rates have lifted mortgage rates to levels not seen since 2011.
Year-to-date, the S&P 500 Index ETF (SPY) is barely in the black (+1.68%).
Plenty of looming geopolitical tensions will require traders and growth investors to use additional caution until the S&P 500 can overcome its hefty overhead resistance. Now is a great time to look for new high-volume 200 DMA breakouts and Position uptrends.
Currently, the S&P 500 remains bullishly postured just above its 200 DMA. However, we expect more fierce resistance to potentially become a stumbling point for this rally near $2790. This resistance will likely persist all the way up to $2870.
Other highlights from the latest issue of The Robinson Report:
- LAST CHANCE! Register now for the upcoming 2018 Follow the Money Summit (Details inside!)
- Position Trading Portfolio: This Asian stock has served up +23.42% in 2 weeks!
- Daily Trading Diary: This ‘Trading Idea’ has risen +5.87% in 3 days!
- Our Top 10 Stocks are trampling the S&P 500 ETF (SPY) with +17.6% YTD!
- This Top 10 Stock has soared +76.41% YTD!
- NEW TRADING IDEA: This innovative company presents potential entry
- Global ETF Alert: We added this popular country ETF on Friday…
- PACE Portfolio: This commodity has spiked +38.48% since alert 8 months ago!
- And much more!
ALSO INSIDE: (CHARTS: S&P 500, GOLD, SILVER, U.S. DOLLAR, MINING, AND MORE) Plus, our exclusive list of our top 25 U.S. stocks (based on our 7-point SmartScore ranking system) along with rankings and commentary on gold and silver mining stocks, a variety of REITs based on category, and high-income MLPs…
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