Off the Charts

The market tumbled lower today after the large morning gap up was sold immediately. The result was a potent bar lower in the indices that could lead to a break of the 50-day moving average. The Nasdaq finished the day down 1.06% while the Dow and S&P both closed down 0.84%. 

After yesterday's nasty gap down, our short-term view became more bearish as the market felt vulnerable to lower prices. There was a large travel range in the S&P today from the morning high to the afternoon low. It is tough to initiate new shorts after this type of move as the trading oscillator is again hitting oversold levels. If we do get a bounce back into short-term resistance, though, I think it could potentially be shorted....574 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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