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Here is the latest economic date looking back to last week.
The financial markets were volatile last week as political events continued to dominate headlines. On Wednesday, the 373-point drop in the Dow was the Index’s largest decline in more than eight months. For the week, The Dow, S&P 500 and Nasdaq all declined about one half percent with the equity markets recovering a portion of Wednesday’s sell-off on Thursday and Friday as economic data provided some reassurance of favorable business conditions. The S&P 500 tested the 2017 uptrend line on Wednesday with material technical support between 2330 and 2355 on the S&P 500 index and, if violated, a swift move down to 2275 is possible. As noted in the last long red bar in the chart below, the dramatic drop on last Wednesday reminds us of the fragility of the equity markets and what happens when there is a rush for the exits and buyers move to the sidelines waiting for the smoke to clear. This information was provided by Castle Financial on May 22, 2017.