TraderWise

Yesterday, the market took a breather after a big week of gains. It rested just below horizontal resistance at SPY 112 and lackluster trading set in. Before the market opened this morning, weakness in Europe set a negative tone. German business sentiment fell for the first time in almost a year. A survey of 7,000 firms revealed that the business climate index had fallen from 95.8 down to 95.2. Analysts had expected a reading of 96.1. This is important because Germany is the strongest EU member and is the largest exporter in the world.