Future Stock Market Guide Revealed
Today is a major day. Simply put, the S&P 500 is trading right on a major break down, break out trend line. Should the markets close lower, sharp downside is expected in the coming days. If the markets close higher, neutral to upside continues into next week. The SPDR Dow Jones Industrial Average ETF (NYSE: DIA) $111.97, +0.26 (+0.23%).
The markets continue to hope that Europe will reach some sort of major bailout deal. Germany continues to be one of the major resistance points. The possible deal is what has driven the markets higher over the last few days.
The positives and negatives of today's market are easily seen. First, on a positive note the volume is light. The next few days will be the Rosh Hashanah holiday. This may keep volume light overall and that favors the upside. On the negative side, bank stocks and copper are not performing well today. These are both looked at as major leading indicators. With the markets hanging around the flat line, Goldman Sachs Group, Inc. (NYSE: GS) is trading at $98.76, -0.79 (-0.79%). In addition, JPMorgan Chase & Co. (NYSE: JPM) is trading at $31.44, -0.13 (-0.41%). Copper is trading down sharply as well. The iPath Dow Jones-UBS Copper Subindex Total Return ETN (NYSE: JJC) is trading at $41.82, -2.30 (-5.21%).
Gareth Soloway InTheMoneyStocks.com
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