Choppy market day with directionless price movement just below the 850 key level and Pivot Point. The session ended positive and just above 850. Volume was a bit above average.
U.S. government data showed existing homes sales fell in March to a much lower-than-expected annual rate, while weekly initial jobless claims rose slightly more than expected.

Market opened at the Pivot Point and printed a symmetrical day with a rally to 860, a bounce in 850, a retest of the 860 and a final sell-off to close at the opening level. Volume was high.
Lots of earnings today but mainly Morgan Stanley (MS) posted its second straight quarterly loss and slashed its [...]

The market opened with a gap lower and at the LOD. A timid classic close the gap rally was printed followed by a retest of the LOD. From there price entered into an uptrend straight to the Pivot Point where substantial resistance was encountered. Once the resistance broke price bounced from the 850 key level [...]

Big gap down and a relentless sell-off from start to finish. Unexpected? Direction – No. Magnitude – Maybe. VIX rose 15.44%. Volume was high
BAC with CEO Ken Lewis at the helm can’t do anything right. Now we find they cannot even cook the books properly. Go figures.
Credit environment is getting worse and U.S. government officials [...]

Bizarrely, today traded exactly as yesterday including the Pivot Point bounce. The new high was at 875. Volume was high.
GE and C results plus the Reuters/University of Michigan’s consumer sentiment index rising to 61.9 vs. 57.3 two weeks ago continues to feed the market with optimism