S&P 500
Friday marked the first session since February 23rd that the S&P 500 fell over 1%. This time, it did it on ultra-high volume. The Nasdaq and Dow were the only gainers this week, up 1.1% and 0.2% respectively.
The SEC handed the market a big hit as it charged Goldman Sachs (GS) with fraud. Even then, the exchanges closed off lows showing some strength.
While the bulls and bears will spin it their own way, the distribution count is up to 4 for the S&P 500 so we are at the minimum of selling days that will put the uptrend under pressure. As of now, I would hold off on adding any new long positions and keep a sharp watch on your holdings.
Earnings will continue to come out and drive the market. On Monday, we can see what direction things go. If the market closes stronger, we will know that Friday’s session wasn’t all selling and should expect higher prices. If not, expect lower.
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