Off the Charts
Did the S&P 500 pause in front of the 20-day moving average today, or will that level provide some resistance for the S&P going forward? There are some mixed signals in the market right now, as the action is very stock-specific. There were some lackluster earnings reports last night, especially from tech bellwethers IBM (IBM) and Intel (INTC), which accounted for most of the Dow's losses.
The S&P did hold up well after Tuesday's rally, giving the bulls a reason to believe that today was just a "pause" in the S&P's run. The bears could make a case, however, that the S&P is finding resistance at the break of the broken accelerated trendline and could potentially form a bear flag pattern below that break....559 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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