Off the Charts

Today started out like most other 2013 May days. We opened near the flat-line, and the market didn't waste much time in breaking out to a new all-time high. However, the rest of the session was unlike anything we have seen so far this year. The steep rally turned on a dime, giving way to a sharp intraday sell-off. The result of today's price action is a very extreme topping tail and outside reversal that could lead to that long-awaited 2013 pullback.

The Nasdaq was hit the hardest, closing down 1.11% while the S&P posted losses of 0.83% and the Dow slipped 0.52%. The losses for the day in the indices were not extreme, but the travel range and volume make this a "day to take notice."...999 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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