By John Pisanchik

This week the market broke through the important 1100 in the S&P Cash Index, but did not hold and fell back below it. This is a very strong resistance point and if the market has any hope of moving higher, it must break through this, and hold, soon. The market does appear to be losing steam. It has been looking sluggish for a couple of months now.
I expect the market will retry a run at 1100 again in the near term. If it does not, then that is an indicator of weakness. Friday, the market did not fall apart so a run at 1100 is a reasonable target. However if the 1100 level holds, then look for a move to 1075 very short term. Happy trading.



Filed under: Market Opinions

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