By John Pisanchik
The market spend the second half of last week trading lower. It fell below the 9 day moving average and is now sitting on the 20 day. The market does appear to lack conviction to the upside and “prediction” is getting more difficult as a result. Expect more of the same type of market, choppy and directionless over the next few days. Happy Trading.

By John Pisanchik

Today the market held it’s ground and found support at the 9 day moving average. The market is still over bought, however that does not necessarily mean it will go down now. The market is vulnerable to a correction, but that has not happened yet. The trend is still up and unless something radical happens over the next day or two, will continue that way, although it will probably be slow moving. That slow grind up has a tendency to wear traders out, because when weakness starts to appear, they go short. The market slowly grinds upward, and they need to come back and unwind their positions. This is the main source of support in this market. It is also the most dangerous type of uptrend, since the quality of the buying is poor, and the trend could change in an instant. Enjoy the slow grind upwards, but remain cautious. Happy Trading.

By John Pisanchik
The Market ended the week on an uneventful note. The price swing on Friday was narrow, and that is indicating there is a lack of follow through to the upside at this point in time. Some of the other indicators are showing overbought conditions on the short term, so the market is vulnerable to a correction. This correction will not change the overall trend, which has been up, all be it, painfully slow. But a move downward could be in order now, or very soon. The market on Monday will give more clues to this. Happy Trading.

By John Pisanchik

The market broke the 1050 resistance level to the upside and today the S&P Cash Index continued higher to close at 1068.76. This was a significant break on a short term basis, and the market should continue higher. The near term objective is 1100. The intermediate objective is around the 1300 level in the S&P Cash Index.

The market will still be choppy, and there will be days that the market will simply drift, however the bias is upwards, and that should remain in place. Happy Trading.

By John Pisanchik

The market drifted higher this week but was confined to its trading range. Friday say a high of 1048.18, and closed at 1042.73. The week lacked follow through and conviction. There is a good amount of resistance at the 1050 level of the S&P Cash Index. The expectation for this week is that the market should stay within it’s trading range of 1050 and 1000, which also means that there will be little excitement this week. Happy trading.

By John Pisanchik

The week was a roller-coaster week with lots of choppiness, but little progress upwards or downwards. This choppiness should continue in the near term. This week should prove to be unexciting, dull, and whatever other descriptors one can attach to a choppy market that, when you end the week, has really not moved. We have sen the highs and the lows this past week, and the market will probably stay within those boundaries this coming week.

Enjoy the holiday weekend. Happy trading.