Off the Charts

Traders walked into an unexpected gap down this morning after yesterday's quiet digestion day. The market tried to stage an early bounce, but couldn't sustain it and fell back to near the opening price levels. The S&P and Nasdaq both finished down 1% and the Dow finished down 0.76%.

It still feels like the May 22 outside reversal is in control of this market. Since that loud reversal signal, the market has hasn't been able to build on multi-day bounces. Right now the S&P is in a bit of no-man's land. Will the market make a higher low in this new upper level range or will there be another test of the 50-day moving average?...598 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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