Off the Charts

The Dow and S&P (SPY) closed at record highs today in a broad market rally. It was a gap up and grind higher today after Fed minutes, which were released before the open rather than the scheduled 2 p.m. due to an internal leak. The Nasdaq led today's rally, closing up 1.83%, while the S&P finished up 1.22% and the Dow up 0.88%. After alternating between gains and losses for 14 straight sessions, the S&P has put together a trifecta of winning days this week, and today's gains were the largest in six weeks.

Since Friday's gap down following the weak jobs report, the market has had a firm bid in place. The macro trend has been firmly to the upside so far in 2013 without giving investors much to worry about. There has been three key pivot points to judge the composure of the rally. The first was the 2012 high of 1474, the second was the 1530 pivot and the most recent was all-time highs of 1573 to 1576, which was breached today. Once the S&P broke above the first two pivots, it never broke back below them, showing commitment to the rally....570 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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