02/08/2020
THE WEEKLY SKETCH: 26 July 2020 ✨�-
Stocks declined sharply early on Friday, following reporting of record losses in the oil sector, but the market recovered, led by Big Tech once again, to positive territory following stellar quarterly results the previous evening. The DOW Industrials advanced 115.41 points, or 0.44%, to finish the week at 26,429.06. The S&P 500 rose by 25.04 points, or 0.77%, to close the week at 3,271.26 and the NASDAQ Composite was up by 157.46 points, or 1.49%, to end the week at 10,745.28. ��Overall, the market wrapped up a productive month for stocks with the DOW Industrials up by 2.38%, for July, whilst the S&P 500 rose by 5.51%, for its fourth successive positive month. The tech heavy NASDAQ outperformed everyone climbing 6.82% for the month.��Technically, the S&P 500 appears to be completing the leading diagonal five wave pattern, wave v-up, we have been charting for several weeks, and although its advance has given us pause several times this week, the final move above 3263, on Friday, gives us far greater confidence that the target of 3400, we have been suggesting, can be reached. However, as always, in the current market be prepared for "whipsaw" action, as seen on Friday, with wild swings that are often the characteristic of the completion of a leading diagonal fifth wave. �-�Unfortunately, that’s all Instagram has space for 😬 – so head to https://trade1-group.com/t1-education/theweeklysketch/ to continue your read! Link in Bio ✨🔗💪🏻