Posted Sep 20th 2009 9:00AM by Michael Shulman
Filed under: Economic Data, S and P 500
Now that we've covered a few of the fundamental reasons the market is likely headed down in October, let's turn to some of the technical reasons.
First, the market is overbought by almost historical norms. And the rally, which began March 9, is having more and more trouble piercing technical ceilings.
Major resistance levels are 1,045, 1,075 and 1,110 on the S&P 500. And a major failure at one of these levels could be a tip-off that the slide has begun.
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