Off the Charts
Was that the bounce? The S&P 500 closed the day up 0.25%, the Dow Jones Industrial Average was up 0.16% (its first gain in six days) and the Nasdaq closed negative, down 0.04%. If this was the bounce, it was a feeble attempt and more downside is likely as this market is not oversold on a technical perspective.
The market is in correction mode, and this in an environment to take trades quickly. The market gapped up this morning, but if you were not in long from yesterday then it was pretty tough to make money on the long side today. This action remains choppy, but overall the trend remains to the downside, as any bounce attempts are being met by sellers. This is a reason to be neutral to negative on the market right now....1073 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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