Stocks continue the weakness from last week. The SP 500 index closed this week at 1025, down 1.8%, the Dow Jones Industrial Average decreased 1.8%, and the Nasdaq composite index lost 2.1% for the week. Keep in mind that the stocks had a very strong July-September period, gaining 15%, and a pull back is expected. The S&P 500 index still closed this week above the critical 1000 support level.
In the monthly chart of the S&P 500 index since year 1990, the index has crossed above its trend line and the Stochastics is at 55 as of 10/1/2009, hence, the multi-year bull trend was confirmed.
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