Well, I Believe That Is Resistance
Did you notice what happened this morning amidst all the hoopla about the Dow's highest finish since May 2008 and the S&P 500 heading for its 11th positive close of the past 13 sessions? I'll tell you what happened: the July 27 gap and island reversal. As I noted in last Friday's column, that level was expected to stall prices -- and stall prices it did.
The S&P made a new multi-month high of 1333.47, about 1.5 points above its July 27 gap at 1331.94. It has now pulled back to fill the opening gap at 1326.06, and then some. So far, it's declined about 13 points from the early highs to 1320.55, or about 1%. (The chart below only shows the pullback to 1322.35, though since the chart was generated at about 12 p.m. EST, and the market has since sold off some more.)...414 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.