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Market Forecast + Sector Watch: SPX, Nasdaq, GLD, XME, XLE, BTK, AMGN, BIIB, GILD, REGN, GILD, RIG, SLB, APC, OXY, EOG, CLF, WLT     

Last weekend, in my Market Forecat, I said,

"This market will need some strong earnings report to bounce back up. SPX 1570 could now become a resistance. The market will need to clear above 1580 to resume its bullish trend. On the downside, if 1540 does not hold, the next support is at 1520. Techs will take the center stage next week, with AAPL and AMZN being the heavyweights."

The market pushed higher on Monday. By Tuesday, SPX was above 1570 and was testing 1580. Earnings were mixed, but, the reactions to the reports were mostly positive. On Thursday, SPX pushed above 1590, but, couldn't hold. The broader market ended at 1582.24, just above 1580.

We had an awesome week with 100% of our closed trades were in the GR$$N. Among the trades were +114% on BA calls, +57% on PNC calls, +43% on WYNN calls, and +32% on CELG puts.

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For the week, the Dow was up +165.04 points; SPX added +26.99 points; Nasdaq gained +73.2 points. Gold enjoyed a nice bounce, trading above $1460/ounce. Oil also went higher, to around $92/barrel. At the time of this writing, Asian markets were mixed. Here's how the US markets looked after Friday's close:


On Friday, SPX slid 2.92 points to close at 1582.24. Its daily MAs and MACD were flat.


Nasdaq fell 10.72 points to close at 3279.26. Its 10-day MA slipped, but, MACD went up.

The market had an impressive week, but, did not close on a strong note. For the new week...

To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the Premium Services (click here) page. If you are already a subscriber, please click here: Market Forecast 4/28/13.

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