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B. Krishnakumar

FLOW of unimpressive economic data coupled with a weak sentiment towards technology sector affected overall market sentiment at the American bourses. Despite the strong recovery on Friday, all the three-benchmark indices recorded net decline for the week.

The Dow Jones Industrial Average declined by 2.7 per cent while the broad based S&P 500 dropped 2.4 per cent. The tech-heavy Nasdaq Composite Index posted a net decline of 1.5 per cent for this week.

In line with earlier expectations, the market continued to rule weak. The overall outlook for the Nasdaq Composite Index does not appear positive. Though there could be a short-term bounce, it would essentially be a relief rally within the context of a bear market.

(Note: The analysis and opinion expressed in this column is based on the technical analysis of the past price behaviour. Analysis and price targets are based on the Elliott Wave and the Point & Figure techniques. There is a risk of loss in trading)

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