By John Pisanchik
Today’s retreat came off the heals of the stiff resistance at the 1100 in the S&P Cash Index. The market action has formed a double top here, so the key question is this as far as the market goes, and we are now looking for a stiff decline, or, are we now in a trading range? That will be answered in the near term. At the very least, we should see the S&P Cash Index go to the 1070 area in short order. There is support under that at the 1060 level, however, if that breaks, the lower end of the “trading range” is around 1025, with final support at 1014. So the next couple of trading days should be interesting, particularly Friday.



Filed under: Market Opinions

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