US Markets See Sharp Weekly Losses

US Indices were flat in an unremarkable session Friday. However, for the week, they were sharply lower as election doubts and a looming fiscal cliff along with weak corporate earnings worried investors.

The Dow Jones finished up 3.5 points on Friday, with Intel trading up 1.2%, to lead the Dow’s gainers. The S&P500 lost 1.03 points and the NASDAQ rose 1.83 points. For the week the DJIA lost 1.77 percent, the S&P500 lost 1.48 percent and the NASDAQ lost 0.59 percent.

Along with earnings from Boeing (BA), we saw many components release this week. Merck (MRK) reported Q3 results that exceeded expectations. Earnings came in at 95 cents up 1 penny from last year but revenue fell to $11.5 billion from 12.02 billion. On the NASDAQ, Apple (AAPL) outlook for the holiday season was short of forecasts. AAPL closed down 5.538 points to close at $604.00/share.

FOREX

GBP/USD" title="GBP/USD" width="1333" height="582">
GBP/USD: the market fell at first last week but found support at 1.5912 and recovered strongly.

This could indicate that the correction from 1.6309 has come to a completion. We could see a test of 1.6177 at first this week. A break and daily close above this level could test 1.6309. Alternatively, a move lower this week, could test 1.6025, with a break lower testing the key support at 1.5912. Below that level could test 1.5489.

The development argues that correction from 1.6309 has completed already. Initial bias

COMMODITIES

Silver: the market’s choppy fall from 35.445 extend continued with a break of the support at 32.72. This could mean the rise from 26.105 has completed. We could test the 50% retracement at 30.775 next.

Alternatively, we see resistance at 33.3250. A break above that could indicate a bottom is in place. Above that level can test 35.445.

DISCLOSURE & DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.