Sep 27, 2010

Up To The Next Level Or Not?

This September is reported to be the best in many years for the stock market and is showing signs for rising further. At current level S&P500 is above important 200 moving average and double top resistance level. Last week selling pressure was test of that brake. Hopefully it was not successful. Now the index is headed north with technical target 1180. That is some 4% higher than current level.


The question rising is whether this growth is sustainable. It depends on coming economic data as this week is revealing important macro numbers. Consumer sentiment, confidence and spending will show is recovery supported by consumers. Around 70% of GDP is formed by consumer spending. Positive values will support the rally. Case-Schiller Home price index will show is June rise in home prices continued in July. GDP revision and ISM forecast are giving positive mood for the week end with not expected down revision and rise in ISM.

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