Off the Charts
The choppy action continues as the market trades within a five-day range, making it hard for traders who are looking for continuation moves to the downside or upside. The market rallied from negative to positive this morning before giving in during the afternoon, closing the day only slightly off the lows, thanks to a bounce in the last 10 minutes. The indices all closed the day down more than a half of a percent
The S&P 500 is trying to hold a higher level of support around 1305-1307 after putting in a low last week of 1266. There is a good case for both the bulls and the bears right now, which means "less is more" until there is more clarity about further direction. One would expect Monday's reversal to be in control of market direction in the next day or two. But if the S&P continues to hold above 1307, the greater the chances the S&P will see higher prices. There are still a lot of complicated headlines out there and the action remains choppy without much follow-through in either direction....729 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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