Off the Charts

The Dow extended its incredible Tuesday winning streak to 20 today thanks to a large gap up following the holiday weekend. Foreign markets were strong while many Americans kicked off summer beach season, and that strength carried over into U.S. futures. Although the indices closed the day with solid gains, the intra-day selling will have market participants remaining somewhat cautious. Obviously last week we had that loud outside reversal that many thought could mark at least an medium-term top in the market, but now it appears the S&P may want to build an upper level wedge-type pattern while it deliberates on its next move.

With today's action there are now two new short-term points of reference in the S&P. First there is Thursday's low of 1635, which lines up with the 21-day moving average and the 25% Fibonacci retracement level, and second there is Wednesday's high of 1687. I do not believe the market will just take off running to new highs immediately; I think most likely a new upper level range needs to develop....755 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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