By John Pisanchik

The market traded lower today, broke below 900 and could not get back above it. It then drifted lower and broke the all important 885 level in the S&P Cash to close at 883.92. I have been saying that a test of the 885 is ok, but the market needs to rally back quickly. If not, I believe the door is open for a sizable move lower. So tomorrow, look for the market to try to go higher. This could happen in Asia and Europe overnight in the contract. If it gets above 885 and holds, then that would be an important indicator. If however the market stays below 885, it should start to trade lower. Key support points to watch would be the 855 level, then 835. Happy Trading.

Filed under: Market Opinions

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