By John Pisanchik

In my weekend analysis, I stated that the rally we saw late last week needed to hold the 850 level on a retest. That retest has started. We opened today on the weak side, rallied, then gave up the gains during the day. The Cash S&P closed at approximately 857 and we are probably going to test the 850 level on an intraday basis tomorow. A close below 853, is bearish, and weakness, should start to mount as the week goes on. If the level holds, then at some point the rally should continue. We are really at a crossroad here over the next 48 hours. I still am bearish, generally speaking, and I would be very cautious of any rallies that the market experiences. Happy trading.

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