Off the Charts

The S&P (SPY) suffered its worst loss of the year today as the index closed the day down 1.24% on above average volume. The S&P closed below the 8-day moving average and looks vulnerable for a potential break of the steep ascending channel to the downside. After the market has shown tremendous resilience all year after down days, will this time be different?

The market opened around the flat line today and was pressured off the open. The sell-off intensified, though, following the release of FOMC minutes at 2 p.m. The FOMC struck the most hawkish tone we have heard in several years as economic growth starts to pick up mildly. Many Fed governors believe we should start to reevaluate the size of new asset purchases, as dangers start to outweigh potential benefits....912 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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