The NASDAQ Composite Index ended a volatile week by posting a higher closing high on strong month-end volume Friday. The week saw big swings off the intraday highs and lows on Tuesday, Wednesday, and Thursday before the index found solid support at the 10-dma on the final trading day of the week.
The S&P 500 Index held support at its 200-day moving average on Friday as month-end volume spiked. Meanwhile, a press conference where President Trump railed on China for several minutes before walking off the podium created some interesting volatility on Friday. The indexes could have easily spun the other way, but the President did not announce additional tariffs on China.
This was taken as a positive news development, and the algos began buying robustly to produce a very bullish-looking close for the market. The action, while still capricious, confirms the news-dependency of this market, but the liquidity is there to drive strong upside when the news is considered benign. From an index point of view the action remains constructive.
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