The markets recovered from earlier losses today as fears of Japan's nuclear reactors core was exposed for some time. The S&P 500 was down -2.70% at the open this morning and finished down just -1.12% on the day with heavy volume. The US stock markets have been resilient in spite of Japan earthquakes, middle east tension, and emerging market inflation fears. Below is a chart of the S&P 500 fund (SPY). It currently trades above support but below the 50 day moving average.
Bottom Line: I will be watching the Japanese Nikkei Index stock market for any signs of recovery after a -20% sell off in just two trading days. A bounce in Japan could bode well for US stocks in the coming sessions.
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