Off the Charts
The Greek elections this weekend turned out to be a non-event for the market as we opened slightly lower this morning. Spanish bond yields rising above 7% negated any enthusiasm from the election, as most people were expecting a big gap-up based on the victory for the pro-bailout New Democracy party. It was a mixed day in the markets as the S&P 500 and Nasdaq closed positive while the Dow finished the day negative.
Technically speaking, the S&P "played by the rules" today. There was a strong rally on Thursday and Friday as the S&P broke above the lower trendline that was in place around 1330-1335, and this morning's gap down was buyable as it held a higher level of support. The volume was very light today and there could be some more back-and-forth trading as the summer action continues and the market is reaching overbought levels. For now, look for strong stocks that held higher and use a hedge, as the S&P could see some short-term resistance at the 50-day moving average....712 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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