Off the Charts
The market gapped up slightly this morning, after the positive tone from the European markets, but closed the day on the low end of its range, fading most of the day. The Nasdaq was hit the hardest, closing the day down 1.16%.
The upper-level floor of support that has been holding as support ($139.36 for the SPDR S&P 500 (SPY) and 1392 level for S&P 500) was probed to the downside today. The market is feeling weak, but it may just need more rest as it trades in an upper level wedge. For now, the S&P is above the 50-day moving average of 1384. Will this level be able to hold as support?...895 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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