Off the Charts
The S&P 500 closed the day up 0.98%, taking back the rest of Tuesday's losses. Now, the question is, "What's next?" The easy bounce has happened from high level support and oversold levels. This is a tricky spot in the market to be long or short. There are definitely reasons to be bullish as the correction from earlier this week held. "Support 1" has been highlighted previously, and is the 25% retracement level. There are also reasons to be cautious as the S&P retests the break of the accelerated trendine and there is an important jobs number tomorrow, which should lead us one way or another.
As market timers, this was a notable week as you had to switch gears and be on the defensive. As investors, this week was not notable, at all, as the market had a minor pull-in from highs and bounced back strong....711 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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