Stock Market Indices Review for Week 36 in 2015

Stock Market Highlights – Week 36

- U.S. job growth slowed in August; unemployment rate near 7-1/2-year low.
- WTI was $46.05 and brent crude oil $49.61 on 9/5. Beginning signs of reversal?
- BlackBerry to buy security firm Good Technology for $425 million.
- Toyota announces $50 million investment into artificial intelligence.
- Apple’s $10,000 gold watch fails to impress investors.
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1988.87 on Friday, August 28th 2015. This was about a 60 point swing. We are now eyeing three levels of support/resistance as illustrated below. What is not pictured is that we are trading below the 10 day moving average. That looks to be key resistance at the moment. 

The Nasdaq (COMPQ) closed at 4683.92 on September 4th, 2015 versus 4828.33 on August 28th, 2015. Like the DJIA and the SPX, we are seeing the COMPQ present a similar pattern. Though in our opinion, the DJIA and SPX look weaker and quite possibly could present more short term trading opportunities. 

J. C. Penney (JCP) has a number of bullish patterns working for it on the weekly charts. Back in late 2013 and early 2014, we can see an inverse head and shoulders pattern that formed. It was triggered but would be quickly sold and killed off. Then again in late 2014 and early 2015, JCP again tried to develop a small inverse head and shoulders pattern that triggered and we are seeing it unfold now. It’s most recent bullish pattern is a break of the trading range. We estimate a target of $10.3 for this pattern.

The information provided on this site is not advice to buy, sell, hold, trade, or invest in any securities. I am not a financial professional. Do your own research before acting on any information provided on this site.