By John Pisanchik

The S&P 500 Cash index tested the 1150 level, and it held. On Tuesday it started to rally through the last rally high. This is extremely positive and this should continue today. If for any reason it falls back below the 1160 level, it is demonstrating fatigue. Today it could test the downside again, but the level that should hold is 1165. Short of some failure to move forward today, the short term objective should be 1200. Happy Trading.

By John Pisanchik

The S&P 500 Cash Index moved through the very important 1150 resistance level. There is a possibility that the market will test it to the downside today. However, that aside, we are looking at the next objective of 1200 on a short term basis. This has been a tough and deceptive market over the last few weeks, and it has been giving false signals repeatedly. Well, that’s what makes it a market. Happy trading.

By John Pisanchik,

Friday’s action in the S&P 500 Cash Index puts it at a double top. The 1150 level held for this week, and we will see very soon if this market has enough to break through that level and on to new highs, or will just bounce off of  it and set up a trading range for now. This should unfold early this coming week. Ha ha, not much else to say about it. Happy Trading.

By John Pisanchik

The market continued it’s rally through the important 1125 resistance level and quickly moved higher. Today’s move invalidated any forecast to the downside in the near term. The rally will probably continue to the top of the range, around the 1150 level in the S&P Cash Index. At that point, we will need to see, by market action, it we have just defined a trading range or not. Have a great weekend and…… Happy Trading.

By John Pisanchik

The market experienced a rally these last few days and I again caution any feelings that the rally will continue. I did say a few days ago that there could be a head fake to the upside, and that is what I still believe we are seeing here. I do believe it is close to being over. There is a good amount of resistance at the 1120 level. The market may chop around here for another couple of days, but after that chop,  a resumption of the downswing will be in order. Happy Trading.