Off the Charts

The selling pressure continued in today's session as the S&P accelerated lower once it broke below the recent pivot low of 1622. The major indices all tumbled, with the Dow breaking 15,000. The S&P slid 1.38% and closed near the lows of the day.  

The outside reversal from May 22 has remained in control of this market, which is why we had a bearish bias during the formation of the wedge pattern. Bulls and bears alike are welcoming this pullback as a corrective phase was necessary after the strong start to the year. With the trading oscillator reaching oversold levels and the S&P coming into its 50-day moving average, I think the market could find its footing in the short-term, but we will watch closely to see what type of bounce we get to determine our next move....553 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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