Market Is Back in Its Old Neighborhood

My apprehension last week as the market approached resistance proved to be unneeded. We have since gone back to the top of the old trading range. One would expect that level to provide some difficulty, and the last three trading days have shown just that. 

But what is interesting is that our usual indicators would be expected to become quite overbought, if the top is again to be refused, but that is not happening. MACD has crossed to the plus side at a low level and RSI is not at an extreme, as noted on the first chart below. The Arms Index, even on the short-term moving averages, remains in neutral territory, as we can see on the second chart, below. Moreover, the Nasdaq has already broken out. ...219 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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