July 20 - SP update

Over the past week we've seen a sharp rebound off the 875 support level on average volume. Currently we're trading in a tight range between the 875 support and 950 resistance.

The market had been waiting to see what happens to CIT and this morning the news came out that CIT will be rescued. The S&P500 is already up in pre-market trading, but let's see how the day goes....



Volume is average, I would have expected an increase in volume. MACD is bullish as the moving averages have crossed to the upside. More will be revealed during the week.