SP 500 Weekend Update 09/07/2009
The summer trade is officially behind us. Last week saw the return of volume and volatility in the SP’s
As we noted in our commentary from last week, the market had rallied to contract highs on low volume and diverging momentum
We saw the effects of that early last week as the market tumbled from the low 1030′s to 991 area on excellent volume.
That move showed just has unstable the market is at these highs.
From our swing chart below, you can see that although we put in a mild recovery from the sell off, the indicators still project to a retest of the prior pivot lows around 975-981
The next leg lower will have to come early this week, otherwise we will be building a base above 981 which will attract some buying interest.
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Greg
Category: Market Commentary
