Off the Charts

The Tuesday win streak came to an end in today's session despite the market opening on a positive note. The major indices all closed the day down about 0.50%.

The upper level floor of support at 1635 has given way but so far the selling has been contained. The action in the indices remains choppy. There is a descending trend line controlling the S&P as sellers have been stepping into that level on any strength, but the selling has not yet intensified. The 1622 level is the new pivot low and a close below that could take the S&P down to the 1600 level. The May 22 outside reversal still feels like it is in control of this market. Patience is key when the market is in a corrective phase.   ...582 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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