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It was another tough week for the S&P 500 index, which slipped more than 4% on much higher than normal volume. Despite a brief rally on Friday, all of the U.S. indices (including the S&P 500, Dow, and Nasdaq) suffered their worst weekly performances since March. October, which has historically been a volatile month for equities, is living up to its reputation.
However, it’s not just rising U.S. interest rates and nosebleed valuations in the technology sector that are driving this month’s selloff. In addition, deep and lingering geopolitical tensions between the U.S. and China, Saudi Arabia, and Europe continue to cause major concern among top institutional investors.
When the week ended, the S&P 500 was able to close just barely above major support at its 200 DMA. Whether this key support level will hold into next week is anyone’s guess, but it will certainly be one of the most closely watched technical events next week. If the S&P 500 slips below its 200 DMA next week, watch for further support at 2725 and then at 2675.
Other highlights from the latest issue of The Robinson Report:
- Petrodollar Alert! LIVE Tuesday, Oct 16th (details inside!)
- China rising: London-Shaghai Stock Connect coming in December…
- Trump retreat? “Ready to meet” with China (just ahead of U.S. midterms!)
- Three Stocks to watch this week (look inside!)
- NEW TRADING IDEA: This consumer stock is ripe for a fresh Swing uptrend!
- S&P 500 long-term uptrend intact, despite tumble!
- Smartscore 25: This tech giant carves out 33% YTD!
- Top 25 Internet Stocks: This hot stock books +73% YTD!
- P.A.C.E. ETF Portfolio: We locked in gains in two commodity ETFs, +43.01% and 30.11%, respectively!
- 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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