Off the Charts

The market briefly pushed above yesterday's high around lunch time today before the Fed minutes rained on the market's New Year's parade. The FOMC minutes brought a little bit of a curveball to the market at 2 p.m. as several members of the voting committee opined that the Fed may end QE by the end of 2013. Stocks and commodities fell in response as the dollar strengthened. The indices closed the day in the red with the S&P (SPY) finishing down 0.21%.

There was a micro push-through failure at yesterday's high of 1462 as the S&P pushed above that level and closed back below it. Momentum traders could have booked some profits on that signal after an impressive two-day move. To put the action in perspective, closing down only 0.21% is nothing to gripe about after a two-day rally of more than 4%. At this point, it is not "game over" for the bulls, but rather a time to measure your risk based on your time frame. It would be constructive to see the S&P hold above 1440 to 1445 to keep bullish momentum intact. A pullback to 1430 would not be cause for alarm, either....512 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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