It would look as though September is living up to its reputation as one of the most treacherous months in the stock market.
The S&P 500 has pulled back close to where it closed last week. The 1230 area is still acting as a key area of resistance for this market and happens to be a 50% Fibonacci retracement.
Gold and silver on the other hand are positive for the week, with gold being up approximately $50.
Crude oil dropped down to be practically unchanged and met the technical picture we were expecting for this market.
The same can be said for the dollar index, which rallied from the key support level of 7350 and the CRB index is up about $1.50 for the week.
We will be doing our weekend broadcast on Saturday, summing up how these six markets closed for the week. This is going to be a very important and perhaps pivotal week in the markets. So don't forget to catch our weekend update on Saturday!
Now, let's go to the 6 major markets we track every day and see how we can create and maintain your wealth in 2011. Continue reading "Will September Be A Treacherous Month For Traders?"