A sigh of relief? The US stock market started the week on a pessimistic note, but changed course toward the end of the week, ending in a more positive tone. Last week’s weaker-than-expected jobs report scared investors into thinking that perhaps the Federal Reserve was too late in cutting interest rates. However, last week’s ISM Services report and Thursday’s jobless claims eased those concerns. Stock Market Indexes Are Better, Technically While the charts of the S&P 500 ($SPX), Dow Jones Industrial Average ($INDU), and the Nasdaq Composite ($COMPQ) are showing signs of strength, it’s too early to declare that it’s beginning to rally to the upside. Let’s analyze the charts of all three indexes in more detail and see where they stand. The Mega-Cap S&P 500 Index The S&P 500 held the support of its 100-day simple moving average (SMA) and its 50% Fibonacci retracement (from the April low to…
