By John Pisanchik

I am writing this from beautiful Scottsdale, Arizona, where I attended the National Convention for my home business, Reliv International.

Well, the market tested the 1100, in the S&P Cash Index, last Wed, failed, and promptly started it’s slide. posting a low on Friday of 1044.5 on the S&P Cash Index. The Friday close could have misled some traders into thinking the market reversed. Well today the market said “I did not reverse, Friday was a Head Fake.”

In the short term, expect the market to trade lower with a short term objective of 1020. We will have to see how it trades when it gets there. If it breaks, then expect it to trade to 961 on an intermediate basis.

Here are some additional intermediate objectives in the S&P Cash Index: 902, 847, 800 and finally 767.

Happy Trading

Filed under: Market Opinions

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