By John Pisanchik

The market stalled this week after the run up from the previous week. The intraday high on the S&P Cash Index was 1039.47 on Friday. There should have been some additional strength to the market, however with summer doldrums caused by vacations and uncertainty, we will probably continue to see a choppy market.

This coming week, I would expect much of the same as this past week. One day down, the next up, and just plain chop. This is the time of year to enjoy the beach. Happy Trading.

By John Pisanchik

The market ended the week with a nice rally to close at 1026.13 in the S&P Cash Index. This is a new high since the rally started in March, and should continue higher. The short term objective is in 1050 and we should see that sometime this week.

The market has displayed a surprising resiliency this week. On Monday, when the market took a hit, it broke through key support levels. This should have inspired selling, which did not happen. This tells you that we probably have seen the worst of the market in the prior months, and there just is not any real selling pressure left. This opens the door to a substantial run up over the next 12 to 18 months. Happy Trading.

By John Pisanchik

Today is day 3 of the rally off of Monday’s lows. Today is significant in that it went through the resistance of 1000 on the S&P Cash Index, and held it’s gains to close at 1007.37 . The high made on August 7 was 1018.00 and the market is primed to test that high, possibly on Friday. If it breaks through that level we could see another run up as shorts cover. Happy Trading.

By John Pisanchik

The market has had a 2 day rally from the lows of Monday’s drop, and is retesting the 1000 level of the S&P Cash Index. This is a level of resistance that is further reinforced with the 9 day moving average coming in at 1000.05. This may be sufficient to stop the rally. Tomorrow will validate that or not, since the market is just under that level now, at 996.46.

By John Pisanchik

Today the market broke below the 1000 level in the S&P Cash Index. This is very important and is pointing to a correction, possibly to the 925 to 945 range. Tomorrow will be important in terms of momentum and follow through to define speed of the correction. The index closed at 979.73, near it’s low for the day. The overnight trading in Asia and Europe will give a flavor for what will be in store for tomorrow. Happy Trading.

By John Pisanchik

The market moved higher today but did not make any real progress to the upside over the last few days. It will continue to be choppy as it digests the move through 1000 in the S&P Cash Index. Be patient, it could be like watching paint dry.

I will be at a conference in St Louis, and will not be updating this commentary until Monday, 8/17. Happy Trading.

By John Pisanchik

This was a good week for stocks as they continued to move higher. Friday we reached the target of 1010 in the S&P Cash Index, which I called for on July 31, 2009. The index closed at 1010.48.

The coming week should see further progress upwards. I believe that we are in a new leg of the rally. There is a band of resistance here, between 1010 and 1030, so some choppiness may be seen here. The market may also want to test the 1000 level again. Overall, the market is positive and should maintain an upward bias. Happy Trading.

By John Pisanchik

The market is still digesting the move up above 1000 in the S&P Cash Index. This will continue, however, we could see a pullback to the 960 level. So patience is the key at this point. The market held up over the last few months so it should not crash and burn any time soon. Happy Trading.

By John Pisanchik

The market opened the week with a nice run up which took the S&P Cash Index to 1003.61. The market may take a small breather at these levels, but the market should move higher once it digests the 1000 level. As I mentioned the other day, there is a band of resistance in the 1010 to 1050 range. We will most likely get into that range near term, but be prepared for some choppiness. Overall market momentum indicators are pointing up at this point. Happy Trading.

By John Pisanchik

This week was a great week in the stock market. The break out of the 955 resistance level was confirmed and the most probably move is continued upside progress. I don’t think it will be a roaring bull market. It will most likely be a market that drifts for a few days, then has a spike, and drifts, and on and on. This could create a bit of a boring market, and one that creates false signals, as we have seen in the last 2 months. In the near term, we should get to 1010 tn the S&P Cash Index. Here there is a layer of resistance between 1010 and 1050. Once we get to 1000 it will probably get a bit choppy, and I am sure there will be false signals as a result there. Right now, my momentum indicators are pointing up. Happy Trading.