Off the Charts

Yesterday the market put in perhaps its most bearish candle of the year as early strength gave way to heavy selling and resulted in an extreme topping tail/outside day. World market followed suit overnight as Japan's Nikkei traded down more than 7%, and U.S. futures opened sharply lower this morning. But once again, the 2013 market was resilient. Indices pared most of the pre-market losses during the session and closed only narrowly negative. The S&P finished the day down 0.29% while the Dow dropped only 0.08%.

The travel in the S&P from yesterday's high to today's low is very wide, and the market may need some rest to digest it, especially as we head into a holiday weekend. There could be a new upper level range that needs to build before the market makes its next directional move. From yesterday's high to today's low it was a move of 3.5% and so far this year we have not seen a pullback of more than 4%. Will today's low continue to hold going forward?...423 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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