A Thoroughly Expected Downgrade
Since there is not much new to add to the commentary on the U.S. market, I will simply note that the breadth was good enough to turn the McClellan Summation Index upward, and that the Russell 2000 is keeping pace with the rally.
The major indices are at obvious resistance now, as the S&P 500 sits at 1400 and the Russell is at a downtrend line. Some choppiness or a breather to the downside would be typical and not unexpected, especially since the market will be short-term overbought by early next week. However, with some of these intermediate-term indicators having improved, the downside should be limited for now....394 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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