FYI: It was a quiet week aside from Tuesday which saw a nearly 1% jump in the S&P 500 – but not necessarily a win for the bulls (yet). Much like on an upward move you want to see periods of consolidation to rest and consolidate; we are in a near term downward move and one could say this rally was a bit of a rest and consolidation. Bulls still have work to do. Monday and Friday showed mild gains, while Wednesday and Thursday showed mild losses; almost all of the week’s movement was based on Tuesday. Tuesday’s rally seemed to be linked to a Politico report that President Donald Trump’s top aides and congressional leaders are making progress on shaping a tax-reform plan. The central bank speeches late in the week were non events. The S&P 500 added 0.7% and the NASDAQ 0.8%.
Regards,
Ted
https://www.stocktrader.com/2017/08/27/weekly-market-recap-aug-27-2017/
