Off the Charts

The market picked up where it left off during Friday's session and erased the rest of the losses from the jobs report-induced gap down. The S&P (SPY) traded in a tight range during a very quiet morning, but was able to accelerate into the close. The S&P finished the day up 0.63% as this resilient uptrend rumbles on.

The S&P is in a tricky spot right now as it trades in the middle of the upper level range. Right now, I don't think you have much of an edge trading the indices and I think it's best to only play the best looking chart patterns. Consumer staples and consumer discretionary stocks continue to act well while high-beta tech stocks show relative weakness. The financials continue to be out-of-play and could simply be waiting for earnings, which start to roll in on Friday with JP Morgan (JPM) and Wells Fargo (WFC). The SPDR S&P Homebuilders (XHB) caught a nice two-day oversold bounce but it's hard to have much conviction now on the sector after recent technical damage. One of the best-performing sectors right now is retail....621 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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