By John Pisanchik

OK, so the market rallied on Friday, and that is very positive for a continuation of the rally. I stated in my article of April 23, 2009, that the market really needed to rally from that point and get above the 850 level in the S&P cash. It did that. On Thursday it closed at 851 and yesterday rallied to 861. Now, these levels have to hold, and since I view 850 as an important level, the market may just try to retest this level on the downside early in the coming week. This would be normal, but the level will need to hold, and then move higher, and with some gusto. Once that test occurs, (if it even occurs,) then we should see a short term objective of around 916. We will see what happens when that occurs. Have a great weekend all.

Regards,

John Pisanchik

Filed under: Market Opinions

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