Tuesday, January 26, 2010

Market wrap - 4:10 pm

Regardless of what the pump monkeys on CNBC will tell you, the technical s are breaking down. As you can see from the lowest chart, we have broken the 1100ish resistance on the S&P. We did stay above the 1087ish trendline. The 1100 line, which is subjective between 1098 to 1104 depending on how you draw it, or who says it, is a range to trade around. The 1098 & 1104 level goes clear back to October of 2008. We closed at 1092 which falls below most resistance points but be careful with the trendline support. For near term, the trend appears to be bearish.

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