Off the Charts

U.S. markets opened lower this morning after news of a weak Italian debt auction, while there are also lingering fears about the implications of the Cyprus bailout. The market took the news in stride, though, and was able to pare almost all of those pre-market losses during the session. The indices drifted higher all day in another quiet day during this holiday-shortened week. The Nasdaq managed to close the day in the green, tacking on gains of 0.12%, whereas the Dow and S&P (SPY) closed negative but well off the lows, down 0.23% and 0.06% respectively,

The story remains the same as the S&P continues to hold above the prior breakout level of 1530 and the 21-day moving average. We have gotten choppy action over the past week, but the prevailing trend remains to the upside. Will the S&P be able to make new yearly highs by the end of the month? At this point the upper level range looks poised to potentially break above highs of 1564 but it does not have to happen by the end of the month....860 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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