Kind of a ho hum week. Covid cases continue to rise. Vaccines are still an unknown for a few reasons – who will be getting them first? — will they work? How long before someone is immune after taking? Will there be a limit on supplies? If there are shortages who has priorities over others?
All 3 indexes (Dow Jones, S&P and Nasdaq) attempted to move higher hitting new highs on Wed but by the end of the day all 3 also closed lower.
For the week the Nasdaq had gained 3 of the 5 days but in the end fell .7% which ended a 3 week win streak. The S&P fell on 4 of the 5 days and lost 1% overall and the Dow fell .6% for the week.
The S&P and Nasdaq added a distribution day per the IBD standards. S&P has had 4 distribution days in the past few weeks and the Nasdaq has 2. However with these distribution days there is no real sell off.
All three looked to go lower on Thursday and Friday but all reversed by the end of the day.
The Markets are still in a …
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