By John Pisanchik

Today’s market was choppy, tested the 885 level in the S&P Cash Index, and closed at 879.56. This choppiness my continue for a day or so, but the short term objective is still the 845 – 850 range. Crude oil was on center stage today, so that may upstage stocks for another day or so. If you are an owner of stock, use this as an opportunity to go into cash, or hedge your portfolio. Here is why, once we get to 850, and the choppiness at that area works itself through, we will be seeing significantly lower levels. Once we break the 850 level, momentum will build on the downside and a rapid decline can ensue. Happy Trading.

By John Pisanchik

Today was a significant market day. The Cash S&P 500 Index broke and closed below the 885 level, with a close of 881.03. There may be a test of the 885 level, but if that does not materialize, or it fails, then today will be considered the start of the next down trend. If the market does not get and hold above 885, then the short term objective will be  the 845 – 850 range. There will probably be some support / choppiness before it moves lower from there. To the people who have subscribed to my blog, I sent out a special report about 2 weeks ago telling them that a decline of magnitude was coming and that the thing to do was hedge your portfolio. You still have time for that, but not much. Happy trading

By John Pisanchik

Hello everyone. This will be the first post for a couple of weeks. This is because my comments described the market action that we saw in the past couple of weeks, and I just did not want to sound repetitive.  Having said that,  the S&P Cash index is still in a trading range with 930 on the top and 885 on the low side.  I still am of the opinion that the market will trade down, but it may remain in this range just a little longer. The averages are turning, with the short term averages pointing down at this time. The key level to watch on the downside is the 885 level. That needs to break, and the index cannot trade and stay above it on a test. Once we break and fail the test of that key level, I will publish the short term and intermediate term objectives. Happy Trading