Off the Charts
Where is the momentum? The S&P (SPY) ended its two-day losing streak today but was extremely quiet once again. After opening slightly higher, the index traded in a tight range all day. The market continues to rest after last week's explosive rally. Although this action is healthy for the market, periods of consolidation can be frustrating for active traders as there is a lack of follow-through in trades.
From a technical standpoint, it is encouraging now to see the S&P hold onto most of the gains from last week as it flags in front of the September highs of 1474. Range resolution could come next week as we get into the thick of earnings season, which could stoke volatility....526 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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