We're Still in a Trading Range
The spectacular rally on Tuesday took the S&P 500 above the resistance we had been watching at 1388, thereby widening the trading range but not changing the fact that a major shift seemed to come into the markets in recent weeks, whereby the five-month bull move was decisively halted. Yesterday's pullback was enough to take it back below 1388 and suggest that we are still in a trading range.
The rally has brought the five-day moving average of the Arms Index back to a somewhat overbought level, and over the next few sessions the offsets are such that we are likely to see the 10-day also become overbought....289 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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