By InTheMoneyStocks.com on May 30th, 2010 4:51pm Eastern Time
This past week the S&P 500 INDEX,RTH (INDEXSP: .INX) gained 1 point when all was said and done into Friday's close. The broad based market cap weighted index did happen to close above the weekly 50 moving average after testing and briefly piercing the February 5th pivot low. The pattern on the weekly chart is a bottoming tail at a support level which could lead to further upside. However, every rally has been sold recently and that type of continued action cannot be ruled out. Next week is a holiday shortened week in the U.S. as the market is closed on May 31, 2010 for the Memorial Day holiday. Therefore, the holiday will give the European Union an extra day to come up with some calming news before the U.S. markets resume trading on Tuesday June 1st, 2010. As of this time it is prudent to expect more volatility as the markets remain uncertain.
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