Today, Tomorrow, and the Next

After putting in 2 doji candles on Monday and Tuesday, the S&P sold off today down to 1335.
StockTock is calling for a bounce higher tomorrow for a number of reasons.

The S&P is oversold and due for a bounce. In 5 trading days, the S&P has fallen 70 points from top to [...]

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Today, Tomorrow, and the Next

The S&P continues to be very volatile with sharp moves in both directions. The market has traded choppy the past two sessions and and closed virtually flat in both sessions. The market is acting indecisive.

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Today, Tomorrow, and the Next

Today, the S&P paused and showed some indecision after Friday’s huge sell-off.
The 1370 support level has been broken and will now serve as resistance.

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Today, Tomorrow, and the Next

Friday, the S&P declined 43 points, or 3%, to close below the major 1370 support level at 1361. This was a monster move lower.

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Today, Tomorrow, and the Next

The S&P rallied to resistance at 1404.
It is trading in a channel, 1370 to 1404.
Today’s big move on ok volume appears to be a shaking out of weak short hands.

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The market is in a correction. Expect continued weakness in the short term. The markets may trade very choppy over the next several days, with high volatility. But ultimately, the charts are telling us this market has more downside.

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The market is in a correction. Expect weakness over the next two weeks. High energy prices and unhealthy action in the financial sector is weighing this market down. Concerns over continued writedowns and capital raising have returned. Some European banks are acting very sick, indicating there may be another shoe to drop overseas. These worries should put continued pressure on the markets. The S&P has support around the 1330 level, which is near a 61.8% retracement (from the Mar 17 low to the May 19 high). It is too early to identify when the correction will end, but a late June / early July turn date may setup a nice summer rally.

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The market is in a correction. Expect weakness over the next two weeks. Unhealthy action in several financial stocks indicates that there is another shoe to drop in the troubled financial sector that will lead the markets lower. The S&P has support around the 1330 level, which is near a 61.8% retracement (from the Mar 17 low to the May 19 high). It is too early to identify when the correction will end, but a late June / early July turn date may setup a nice summer rally.

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The rally that began March 17 is over and the market has entered a correctional phase. Upon the first hit of the 50-day moving average, we called for a light volume bounce into the 20-day moving average area, which has panned out perfectly. We expect the market to head lower early next week, perhaps Monday or Tuesday. We think the S&P will find support around the 1330 level, which is near a 61.8% retracement. It is too early to identify when the correction will end, but a late June / early July turn date may setup a nice summer rally.

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The rally that began March 17 is over and the market has entered a correctional phase. However, the market has dropped very far very quickly and a short-term bounce may be in store, perhaps into the 20-day moving average area. Weakness in major financial stocks lead us to believe that the credit market woes are not entirely behind us. We expect continued downside in the S&P to the 1325-1332 level over the next few weeks or so, before a potential summer rally.

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