Selling Pressure Picks Up

02/05/2010 10:01 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

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The US stock market closed on the lows, and overnight, the global markets are once again being hit hard. The S&P futures are down about 15 points in pre-open trading as the market is also looking out to the monthly jobs report. The cash S&P 500 has next good support in the 1035-1050 area with the rising 200-day MA and additional support at 1000-1015. The McClellan Oscillator has reversed again to the downside after testing the zero line and is likely to reach oversold levels at -300.

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