The markets head into next week with a new fear and panic. The Non Farm Payrolls Report showed no jobs growth in August. This shocked the market and traders fled stocks ahead of the weekend. Next week is setting up to be a wild one. European meetings on bailouts, recession worries in the United States and President Obama is giving a speech Thursday night. This will be coming off a holiday weekend when volume is usually very light.
The SPDR S&P 500 ETF (NYSE:SPY) closed on Friday at $117.85. This was just above the 20 moving average and a major level technically. Should the markets move below that next week, further selling will occur. If the markets can hold that level Tuesday and Wednesday, look for further upside with the SPY heading towards the $124.00 – $126.00 level.
