The S&P 500 Index moved fractionally higher by the close, tacking on 0.41 point, closed at 1049.33. Stocks were little changed at the end of a choppy session Tuesday. Technical support at the 1040 line helped the S&P 500 bounce back from an opening slide. However, many participants remain unwilling to jump back into stocks ahead of the monthly payrolls report on Friday.
Trading will probably remain volatile as investors await key economic reports due later this week, the market is full of bearish sentiment because investors have been focused on the outlook for the U.S. economy recently as the nation's growth has slowed. In particular, they are worried that the weak job market will continue to weigh on consumer spending
Current stock market creates an unpredictable situation this week since the heavy volume of the institutions will most likely be on the sidelines. Market is searching a short term bottom, it will rise for any positive news, including the government's closely watched monthly jobs numbers on Friday. It's hard to be long or short ahead of the non-farms payroll report. I will be a buyer and wait for a wash out day when SPX hit 1017, 1010 or 1002 and rebound.
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