Off the Charts

The faulty signals that we have been highlighting in recent newsletters were too much for the market to shrug off today. After opening around the flat-line, the S&P (SPY) saw selling pressure come in and remain fairly constant throughout the session. The major indices closed the day in the red with the S&P posting one of its biggest daily declines of the year. The S&P closed the day down 1.05%, the Nasdaq fell 1.11% and the Dow dropped 0.76%. The Russell 2000 (IWM) and Transports (IYT) also continued to show relative weakness in today's session.

Traders have had a difficult time wrapping their heads around recent market action as there hasn't been much cohesion. Every time the market has looked poised for a correction, it has resumed the rally higher. Also, in the last few weeks each time it seems like the market could get additional momentum through key levels, faulty signals emerge and prevent a breakout. For short-term traders it has been a somewhat difficult environment, but nonetheless the macro trend has remained firmly to the upside....710 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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