By John Pisanchik

This week was consistent with the market’s behavior for the last few months. A slow, grinding move upwards. This is not what I would call a raging bull market, but it is a bull market just the same. There is enough skepticism out there for managers to short the market, and then eventually cover because it simply is not going down. Having said that, this week the market rallied, however slow, to just below 1100 in the S&P Cash Index. That served as a cap for now. On Friday the market took a bit of a spill but found support in the Sept 23, 2009 high of 1080.15 and closed at approximately the middle of it’s Friday range. Trend indicators are all still up, and except for the slowness of the market to move upwards, that trend should continue in the slow way it has been moving. The 1100 level is a large resistance level and may need a little time to negotiate that. So the market could be choppy in the early part of this coming week.



Filed under: Market Opinions

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