A Port in the Market's Storm

On Wednesday on Columnist Conversation, I identified what I believe is a key level for the S&P 500 index going into the close of the week. The 1650 area is the top end of an expanding trading channel, and the index broke above it earlier in the month. That channel-resistance-turned-support and the 10-day moving average helped contain yesterday's decline. It failed in the early going today, but the index has since bounced off the previous 1633 breakout level and returned back up to the 1650 inflection point.

SPX Daily StockCharts.com View Chart » View in New Window »

The weekly close will provide more technical information, but a preliminary tell on the daily chart will be if the index closes in its upper (bullish) or lower (bearish) daily range....252 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.

Already a Subscriber? Please login.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.