With the dissappointing Jobs Report today, the stock market is dropping over 1% with the S&P down over 20 to 1,371, the dow down over 162 to 13,050, and the Nasdaq down almost 60 to 2964.
Looking at the Trendline on an S&P 500 ETF, SPY, one can see that 135 is setting up as support on the whole rally since last October. If the market breaks below 135, I would not be surprised if SPY trades down towards its 200 day moving average - which is currently around 128. 135 would be about a 5% retrenchment from the 4 year highs of 142 in the market while 128 would be about a 10% retrenchment.
(Disclosure: Bellaire Capital Management, LLC currently holds SPY in client accounts. This is neither an offer to buy or sell any security and this blog post is for informational purposes only).
Looking at the Trendline on an S&P 500 ETF, SPY, one can see that 135 is setting up as support on the whole rally since last October. If the market breaks below 135, I would not be surprised if SPY trades down towards its 200 day moving average - which is currently around 128. 135 would be about a 5% retrenchment from the 4 year highs of 142 in the market while 128 would be about a 10% retrenchment.
(Disclosure: Bellaire Capital Management, LLC currently holds SPY in client accounts. This is neither an offer to buy or sell any security and this blog post is for informational purposes only).
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