Off the Charts
S&P (SPY) broke its 8-day winning streak, but it was just a minor pause as the index closed the day down 0.18%. It's hard to complain about today's marginal decline after the strong start to 2013. The Dow also closed with a small loss while the Nasdaq eked out a small gain thanks to Apple (AAPL). The most heavily-weighted Nasdaq stock showed its first signs of life since last week's poor earnings report.
Since breaking out above last year's high of 1474, the S&P has been riding its 8-day moving average. Until that trend changes, you could look to stay long and trust the dips in strong stocks. Although the market has seen a methodical move higher this year, the rally is beginning to become a little extended on a short-term basis. On a macro basis the charts still look very bullish, but that doesn't mean we can't see a slight pullback....784 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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