Off the Charts
The market recovered from a modest gap down this morning to put in a much-need inside day. The S&P (SPY) continues to trade on its highs, but it remains hard to initiate core long trades at these levels. At this point it is a very trade specific tape while the market navigates this new upper range. It was a fairly uneventful day as the main indices closed the day around the flat-line.
The action is getting very choppy as the S&P builds a new range above 1495. The trend remains to the upside but follow-through right now is scarce. The trade is becoming a little erratic as the SPY, iShares Dow Jones Transportation Average (IYT), Financial Select Sector SPDR (XLF) and Industrial Select Sector SPDR (XLI) continue to barely hold support of their 8-day moving averages whereas the SPDR S&P Homebuilders (XHB) and Market Vectors Oil Services ETF (OIH) have lost support of their 8-day moving averages....524 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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