Friday, July 30, 2010

Further Weakness Ahead

This market looks uninspired, there isn't much enthusiasm on the upside or downside.  Summer trading is in full force, and volatility should dampen over the next couple of weeks.  After August options expiration, I expect volatility to pick back up. 

There is strong resistance between 1095.5-1096, which is around 1100 SPX cash, and also another barrier of resistance at 1097.5-1098.  I don't we'll be able to penetrate those levels today. 

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