Off the Charts

The S&P extended its win streak to five on Thursday, although the index slid off of highs in the last hour of the session. The S&P finished the day up 0.40%, the Nasdaq tacked on gains of 0.62% while the Dow closed up only 0.17%.

The tail created in the S&P by the afternoon sell-off is perhaps evidence of resistance near all-time highs at 1597. The tail was not potent enough that the market feels like a short right now, rather it could simply be a sign that the market needs a rest. After a 50 point rally in five sessions, it made sense for the market to show some signs of exhaustion. At this stage, it would be constructive to see the S&P form an upper level base as it digests the recent gains. Holding above 1565 would show commitment to the recent rally....548 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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