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U.S. stock market indexes rise on Friday as sequestration cuts go into force.
Major U.S. indexes also finished the week with modest gains as they try to reclaim all time highs last seen in October, 2007.
A quick glance at the chart of the S&P 500 (NYSEARCA:SPY) demonstrates the continued sideways action of this major U.S. index as investors try to determine if sequestration cuts will be a bad thing or not.
Resistance and support levels are clearly defined and this channel has now been underway for a full month. Sooner or later the S&P 500 (NYSEARCA:SPY) will break one way or another, perhaps in response to the sequestration cuts or perhaps to some other catalyst not yet on the horizon…
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