Market Summary

As can be seen on the chart of the S&P500 below we have broken out above the 1170 resistance level which should now act as support. The next level to the upside is the 1200 mark. However, should the market turn lower we have support at the prior area of support/resistance at 1150. The financial sector (XLF)has taken a hit with the freeze on foreclosures and the Bank Index($BKX) has sold off hard the last three days. Technology, on the other hand, has done well up a similar amount to what the financial sector is down. This could be a turning point or simply an area of consolidation. We will just have to wait and see. Click on chart to enlarge.

Gold continues to outperform up nearly 22% for the year. For the week the China market per the FXI was up the most up over 4%. Click on table to enlarge.