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Oct 26, 2009
Consolidation across the Board
'Directionless' was the best way to describe how the equity markets acted last week, as the major indices bounced back and forth in a volatility week of trading. Most equity traders were whipsawed by the week's movements, as the markets pushed higher and then dropped towards the end of the week. The benchmark S&P 500 index finished the week down 0 .75% or 8.8 points, while the leading Nasdaq closed with a loss of 0.82%. From a technical point of view the major equity indices have now seemed to have run into strong resistance, a level that is creating extremely choppy trading.
