S&P 500 Update 11-25-2009

Not much new with the stock market lately. With this week being a holiday week, the volume is lower as to be expected.

Over the last two weeks the S&P 500 has been moving in a sideways channel, showing a lack of real direction and lack of conviction in either direction.

So far this week, the upper area of resistance just above 1110 has held but as I mentioned above, the lack of volume makes it hard to determine whether another leg higher is in store or not.

The other possibility of course is that the lack of volume this week is also contributing to a lack of sellers which would push the market lower. We’ll have to wait until next week to get a better idea of the next move.

Until then, have a Happy Thanksgiving.