Off the Charts

The S&P hit new record intraday highs in today's session but faded in the afternoon to finish marginally negative. Despite the small reversal, losses were minimal and this could be at least the start of some healthy digestion.

The action could be a little muted ahead of Fed Chairman Ben Bernanke's testimony  Wednesday followed by the FOMC Minutes Wednesday afternoon at 2 p.m. Central banks continue to a big part of the engine driving world equity markets higher despite only a slow economic recovery. As David Tepper famously said, you don't fight the Fed, and it continues to pay to follow the trend rather than trying to stop a runaway train. Continue rotating through the best chart patterns and don't be afraid to pare down risk as the S&P continues to stretch further away from its short-term moving averages....844 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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