By John Pisanchik

This week the market traded lower and broke some key support levels in the process. The market has gotten lackluster and risk to the downside is building. The S&P Cash index found support today at the 50 day moving average. If that average does not hold the market next week, it should begin to trade lower with an objective of 970. Coming into the 4th quarter of 2009, money managers may not want to risk losing the gains that they have seen recently, so that may start to put some additional pressure near term. Next week’s trading could get a bit sloppy at the very worst, and at the very least, it will be choppy, with very little follow through to the upside. Happy Trading and enjoy the weekend.



Filed under: Market Opinions

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