SPY for 4/9/2012 - 4/13/2012

The SPY started on a sour note this week after the holiday weekend. Investors and traders reacted to the news with a vote of no confidence in the market today. After Friday's Non - Farm Payrolls report Friday came out less than encouraging. Although we still added 120k jobs it came in under analyst expectations.

The S&P 500 broke a trend line in place since December indicating short term weakness in the SPY. It is still holding above the 50 day MA and the all important short term support at $138. 

If $138 is broken that can provide more of a corrective move which could see the S&P move down to the $136 $135 area.



This week begins earnings.  Some of the big names starting this week are ALCOA reporting on Tuesday, GOOG Thursday, JPM and WFC on Friday.

This earnings season is shaping up to be soft but corporate balance sheets are still flush with cash

Outlook for the week  if SPY holds $138 and earnings and econmic reports hold positive we could see SPY  hovering around $142 by the end of the week.

Disclaimer: This article is intended to be informative and should not be construed as personalized advice as it does not take into account your specific situation or objectives.