Rally Losing Strength
03/29/2010 9:14 am EST
All of the major averages reversed from their new highs on Thursday to close well below the best levels. Choppy action on Friday as the short-term A/D and momentum indicators suggest a top is being formed. A sharply lower close is needed to confirm. The McClellan Summation Index has flattened out with key support now at 1152 for the S&P 500 (SPY @115.52) and then in the 1140 area. We could see one more push above 1180 early in the week before the top is complete.