Believe it or not, last week, after all the craziness, the broader market came out ahead!  The Dow closed up +56.73 points, at 13239.54, for the week; SPX was up +20.58 for the week, closing at 1453.64; Nasdaq added +33.64 for the week to close at 2544.89. Here’s a quick snapshot of the actions last Friday:

SPX actually closed green on Friday! Wow! =) SOX kept above 500, pretty good! OIH made a bounce. GLD (gold) and UNG (natural gas) both made some solid advances.

Over in Asia, the central banks are taking further steps to inject more money into the banking system.  Asian markets are slightly up in the morning session, with Hong Kong and Japan being from flat to slightly green, but China is gaining +1.7%!

This week, we’ll be watching our market closely to see if it can confirm a double-bottom.  On Friday, our major indices tested their support ranges and bounced back.  We’ll have to see if they can make some higher highs and higher lows from here.

SPX

SPX tested the recent bottom on Friday and bounced back. It is still within its support range of 1440-1460. Let’s see if SPX can make some higher highs and higher lows from here, and thus, confirms the double-bottom.

Nasdaq

Nasdaq shows a very similar pattern.