On Monday, Pfizer’s news that the COVID vaccine it is developing with BioNTech was more than 90% effective in a trial pushed stocks to record levels with all three of the major indexes triggering new green weekly Trade Triangles indicating that long positions could be in order. But after that significant move higher, the market came back to earth a bit with mid-week weakness.
However, the indexes end the week on a high note with the DOW gaining +1.3%, S&P 500 +1.1%, and the NASDAQ will post a daily gain of +.63% on the day.
The DOW leads the pack with a weekly gain of +4% as investors dumped tech and bought the cyclical stocks that would benefit from an economic comeback next year. The S&P 500 gained +1.9% on the week, and the NASDAQ was unable to get into positive territory, losing -.78% for the week.
Key Levels To Watch Next Week: