Off the Charts

The action is getting very choppy in this upper range in the S&P (SPY) as it tries to hold above the prior breakout level of 1530. The main indices closed the day towards lows of the session with the S&P finishing down 0.83%. The Nasdaq was hit the hardest, finishing down 0.97% as Oracle (ORCL) weighed heavily on the index after reporting disappointing earnings last night.

The market opened lower this morning and the trend remained to the downside throughout the session as economic data failed to impress and Cyprus headlines continued to affect the market. This choppy, back-and-forth action tends to be frustrating for traders, so less is more in this tape as volatility enters the tape....365 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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