Market Update - July 11, 2012
Since my last video update the S&P 500 has fallen modestly - directly onto the support line I'd drawn a few months ago. You can see this below:
This is no surprise as recovery's never happen without some pullbacks. Now the real test is upon us. With less than stellar earnings released thus far and plenty of headwinds coming from Europe and China, if the stock market can stay above 1,340 it would be a huge positive. This would likely send the market into a rally at least to 1,370 (and likely higher).
If it fails...that wouldn't be so good. The next level of resistance isn't until 1,315 - a drop of 2-3% from current levels.
I'll keep a close eye on these support levels and keep blog readers updated. If you have any questions or comments - just use the comment section below this post (you have to scroll down just a touch).
Thanks and have a great week,