The new week has started with two down days.  Only the S&P500 remains above its previous resistance level of 800 points, and that might not last much longer.  Now we have the punters cashing in on their profits from the rally. 

The initial news from companies reporting has been worse than expected.  The headlines continue to tell of rising delinquencies in both housing and credit card payments.  Also there have been record number of defaults by companies on bond payments. Not a good omen for the market in the near future.

At the moment it is about an hour before the US market opens.  The pre market futures have been steadly improving over the last 4 hours.  It being a shortened week due to Easter it is anybody’s guess as to what will happen today and tomorrow on the market.  I would think investors would be nervous holding positions over the long weekend, but there will also be pressure not to have 4 days of negative results.