WEEK ENDING January 29 SUMMARY

The Dow Jones Industrial Average (DJIA – 10,067.33) finished on a loss of 53.1 points, or 0.5%, breaching support at its 20-week moving average for the first time since April 2009. A dozen of the Dow’s 30 components managed to close higher, with Home Depot (HD) leading the way. On the other hand, Microsoft and Boeing (BA) paced the 18 declining equities. The Dow shed 1% this week, and ended January with a loss of 3.5%.

The S&P 500 Index (SPX – 1,073.87) backpedaled 10.7 points, or roughly 1%, and joined the Dow in violating its 20-week trendline for the first time since April 2009. The SPX gave up 1.6% this week, and tumbled 3.7% for the month. Finally, the Nasdaq Composite (COMP – 2,147.35) plunged 31.7 points, or 1.5%, to finish beneath its own 20-week moving average. The COMP wrapped up the week on a deficit of 2.6%, and settled the month of January on a steep loss of 5.4%.