Off the Charts
The market gapped down this morning on a weaker-than-expected ADP jobs report that sparked fear that Friday's big jobs number will disappoint. The Dow and S&P 500 closed negative, while the Nasdaq closed positive.
The market was hit off the open, adding on to overnight losses, but the SPDR S&P 500 (SPY) put in a low of $139.46 and worked its way higher throughout the rest of the session. The trade was fairly lackluster today, but when all is said and done, the market took today's early weakness in stride. The SPY is creating an upper level floor of support above last week's pivot of $139.36 (the 1392 level for the S&P), and that is constructive. The longer the SPY holds above $139.36, the more conviction the bulls will have that this market goes higher....734 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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