Off the Charts
The market extended higher after Monday's gains, with the Nasdaq leading the way higher. The laggard groups from yesterday participated today, and the strong stocks continued to build on yesterday's strength. All eyes will be on the Fed meeting on Wednesday.
The S&P 500 is at a five-week high as it reclaimed the 50-day moving average today. On the short term, this market is overbought after four up days, and the trading oscillator is over +70. It is hard to initiate new longs in this area, but it is wise to book some profits and trail some, as the S&P has rallied into the first target of 1357-1365 from the inverse head-and-shoulder pattern....655 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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