The Week Ahead: What a Ride

What a ride last week was. Not only did it close out trading for the month of May, but we saw quite the late drop in the market Friday. In the last two hours of trading that session, the S&P 500 fell 1.42%, just shy of 24 points, to cap that index's gain at 3% for the month. While the S&P exited May up 14.4% year to date, the last several days have raised concerns as to what lies ahead for the stock market near-term. Helping fuel those worries has been the "larger" 2% pullback in the S&P 500 since its recent peak on May 22, combined with what I would call spotty economic data. 

While I am more of a fundamental investor, I do keep an eye on several individual stock charts, as well as those for the major indices. When I look at some of the more basic charts for the S&P 500 and the Dow Jones Industrial Average, these suggest that the indices must lose another 1.6% to 1.9% before they hit their respective 50-day moving average support lines. A similar back-of-the-napkin analysis implies that the potential support level for the Nasdaq is 3.5% lower than Friday's close. ...647 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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