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The S&P 500 is in an extended consolidation phase that could mean sideways trading well into the summer and after that more weakness is due, Chris Locke, MD of Oystertrade.com Management, told CNBC.
“This is as far as I’m concerned a large sideways consolidation off the falls from last year … This consolidation can last in fact even into the summer,” Locke said.
But it could climb higher towards 1,100 in the short term, “but not without bear surprises,” according to Locke.
“Eventually the market, probably later in the year, going into 2010, will be pushing much lower again,” he said.
“Overall I think there are better markets to be in,” he added.
A key level to watch for in the near term on the S&P [.SPX
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] is 900 points, Locke told CNBC.
“If we can hold 900 on the dips, the upside continues. If the market suddenly moves down and fails around the 900 level, we could be very quickly testing 850 and under,” he said.
(Watch the full Chris Locke interview above).
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