Off the Charts

The S&P closed higher for the third straight day Tuesday, but not without a brief hiccup in the afternoon when the Associated Press Twitter, which was reportedly hacked, erroneously stated there were two explosions in the White House and President Obama was injured. The S&P dropped about 1% in a matter of minutes before the statement was debunked. The rally gained some steam today as the S&P, Nasdaq, and Dow all closed up more than 1%.

While we did experience increased volatility last week, ultimately we did not get as deep of a correction as many market participants were perhaps looking for. The S&P has been in a steep climb this year, rallying more than 10% without many pullbacks. The faulty signals that were developing under the surface last week caused traders to turn more bearish than at any point so far in 2013. Then, when the upper level floor of support (1538 to 1540) and 50-day moving averages were pierced, some started to position for a deeper pull-back, but the bulls have once again imposed their will on the proceedings....867 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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