Off the Charts

The choppy action continues as the S&P (SPY) remains a few handles off the all-time intra-day high of 1576. There are a lot of mixed signals in the market right now, causing a lot of frustration for bulls and bears. Like we have seen many times this year, any weakness seems to be short-lived but upward momentum is also lacking. The indices closed the day in the green with the S&P and Dow making new all-time closing highs, up 0.52% and 0.61%, respectively.

The market saw a sizable gap up at the open and the SPY spent most of the session consolidating the gap up before fading only slightly in the afternoon. Yesterday's weakness in the Russell 2000 (IWM) and the iShares Dow Jones Transportation Average (IYT) continued in today's session as they closed below their 21-day moving averages and below the intermediate uptrend. Could these ETFs be foreshadowing further weakness to come, or will the rally resume tomorrow like we have seen many times before?...620 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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