By John Pisanchik
The market fell below the important 1100 level in the S&P Cash Index and found support on the 20 day moving average and bounced slightly off of that. The market action on Wed. was narrow and uneventful. It was also at the top of the current range. The light holiday volume does add some volatility to the market, but the fact that the S&P’s could not hold onto the 1100 level is a bad indicator. With a close of 1091.59, there is a strong chance that the market will take another run at the 1100 level. The bounce on the 20 day moving average was a positive but next week will confirm if that has the ability to push the market higher. If the market should show weakness on Monday, look for support at the 1074 level, then 1034. That is the total range of this recent trading range. Hope you had a great holiday, and Happy Trading.



Filed under: Market Opinions

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