Off the Charts
There was some profit-taking in the market today as the Dow Jones Industrial Average hit 13,000, and stocks turned lower from that level. The Dow closed the day flat, up 0.12%, as the S&P 500 ended the day up 0.07% and the Nasdaq finished down 0.11%. The market opened up slightly today on news that EU officials agreed to a second bailout for Greece. Typically, news like this causes the market to gap up big and traders look to "sell the excitement". However, the market did not gap up for that scenario.
The S&P pushed above last week's high of 1363 and posted a high of 1367. It is hovering in front of last year's high of 1370 and may need some sideways action above previous resistance of 1350 before attempting to successfully break above 1370. This market continues to trend higher as it rides the 10-day moving average. Continue managing positions and stay with the trend until the uptrend breaks (if that even happens)....640 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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