Off the Charts

Today's choppiness in the S&P epitomized the increasingly indecisive action we have seen in the market over the last few weeks. Indices opened higher this morning, but went negative early in the session as it appeared traders were more interested in shorting the bounce than chasing strength. However, stocks found their footing in the late morning and finished the day with decent gains. The S&P and Nasdaq finished the day up 0.47% and 0.86%, respectively, while the Dow lagged with a 0.14% gain.

Last week the market faced perhaps its heaviest dose of adversity this year as faulty signals started to finally weigh on the broader indices. There are still some patterns out there in key sectors that suggest we could get a deeper correction, but there were also some reversals today that could quiet that narrative temporarily. The S&P only briefly dipped below its upper level floor last week, and held the trend from November lows. The index now faces a test as it rallies back up into its 8- and 21-day moving averages. If this market is going to head lower, bears will not want the S&P to reclaim those MAs....1013 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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