Off the Charts

This is a very resilient market. After suffering its worst decline of the year yesterday and closing below its 8-day moving average for the first time in 2013, the S&P 500 (SPY) erased those losses and resumed to the upside today. It was a gap and go to the upside with the S&P piercing above the prior high of 1514 briefly intraday. The Nasdaq actually led the way higher, closing the day up 1.29%. The S&P finished up 1.04% and the Dow was up 0.71%.

The action today, on the heels of yesterday's gap and go the downside, is leaving a lot of technicians scratching their heads. The market closed on its highs Friday, and then on Monday opened lower and continued to the downside during the session. Yesterday's (relatively) potent bar lower prompted traders to prepare for a correction and lighten up on long positions. In addition to the bearish price action in the S&P, some leading stocks were starting to show signs of exhaustion. At the end of the day, you have to respect this bullish trend and be patient for more calculated set-ups to appear....539 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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