By ITMS News on March 28th, 2010 6:02pm Eastern Time
The S&P 500, SPDR S&P 500 ETF (NYSE:SPY) index continued to climb higher, gaining nearly 7 points for the week. The index remains in a strong technical uptrend from the March 2009 highs. Next week is the start of many religious holidays. The U.S market will be closed on Friday April 2, 2010 . Therefore, trading volume should be light throughout the week. This usually makes for a sideways to slightly higher trading market. However, geopolitical events can always cause a reaction that is unexpected. Problems in the European Union continue, despite the countless times that we have heard that Greece will be bailed out. Many of the other PIIGS nations such as Spain, Italy, and Ireland are all facing major debt problems. On Friday, Mach 26, 2010 reports out of Asia mentioned tensions building between North and South Korea. A South Korean ship was sunk in the disputed Yellow Sea Area. New reports have mentioned that North Korea was not involved. The next major resistance levels on the weekly S&P 500 chart are 1200.00 and 1225.00. There will be weekly support at the 1150.00 and 1115.00 levels.
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