October 7 - Market Commentary

I've been watching the markets the past week and trying to figure out at which level the pull back will be exhasted and the rally will resume. It seems that we've bounced off the 50-day moving average quite nicely. However, on a technical basis I don't think we're out of the woods. The S&P500 made a top near the 23rd of October and since then we've made a lower top on the 29th. This bounce from the 50-day moving average has yet to strongly break above the 1065 level before we go back to rally mode.

If we fail to break the previous high and stay above it, we may see a move down from there!
I will look to the next couple of days to see how the market trades.