U.S. ETFs And Stocks Limp Into Weekend

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U.S. ETFs and stocks closed lower on Friday to end a historic week.

Major U.S. index ETFs and stocks lost ground on Friday as New York and the East Coast struggles to recover from the damage of Hurricane thunderstorm U.S.  ETFs And Stocks Limp Into WeekendSandy.  Friday’s trading session capped a historic week that saw the first two day weather related close of the New York Stock Exchange since 1888.

The week was packed with economic reports that were largely positive and earnings reports that were mixed, but the headline grabber, of course, was Super Storm Sandy, its devastation and its potential impact on Tuesday’s U.S. Presidential election. SPX, NYSEARCA:SPY ETFs Votes Romney

On My ETF Radar

spx110312 U.S.  ETFs And Stocks Limp Into Weekend

chart courtesy of StockCharts.com

In the chart of the S&P 500 ETF (NYSEARCA:SPY) above we can see how relative strength and momentum are declining, as represented by RSI and MACD, the index is in a downtrend and recently formed a triple top which is a bearish technical indicator.  The S&P 500 (NYSEARCA:SPY) is also below its 50 day moving average (blue line) and failed to break above that level in Friday’s trade.  The only good news on the chart of this ETF is that it remains above its 200 day moving average (red line) which indicates that the ETF is still in a longer term uptrend.

ETF News You Can Really Use

In economic reports for the week, October’s widely anticipated Non Farms Payrolls report registered a 171,000 compared to a forecast 120,000 and last month’s 148,000.  The overall unemployment rate climbed slightly to 7.9% from last month’s 7.8% and so these numbers provided fodder for both political campaigns as it was the last major look at the employment picture going into Tuesday’s election. Double Boost For Non Farm Payrolls

Also on Friday, factory orders for September jumped to 4.8.% from last month’s -5.1%.

Earlier in the week, October ISM came in virtually flat at 51.7 for the month but beat expectations, weekly jobless claims declined and October consumer confidence hit 72.2, the highest level in over four years.

Major U.S. ETFs:

Dow Jones Industrial Average (NYSEARCA:DIA) -1.05% on Friday and -0.1% for the week.

S&P 500 (NYSEARCA:SPY) -0.94% on Friday and +0.16% for the week

Nasdaq 100 (NYSEARCA:QQQ) -1.16% on Friday and -0.3% for the week.

Russell 2000 (NYSEARCA:IWM) -1.6% on Friday and +0.1% for the week.

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