Off the Charts

There were 80/20 Red Dog Reversals across the board today as morning weakness into highly oversold levels gave way to afternoon buying. We discussed the possibility for Red Dog Reversals in several sectors in today's Morning Note. The S&P pierced the 50-day moving average on today's weakness before finishing the day on highs, up 0.85%

We stated in last night's newsletter that we would be watching for a potential buying opportunities into support of the 50-day moving average and the retest of the prior breakout zone of 1597 to 1601. That trade transpired around lunchtime today, using yesterday's low of 1607 as the short-term pivot. The trade played out well as the market hit oversold levels....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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