Off the Charts

After the sharp sell-off in the late stages of Friday's session, the market opened higher to kick off the third quarter and continued to rally sharply in the morning. However, momentum petered out and the S&P pulled well off highs in the afternoon to close with only modest gains. An important divergence to note was the strength in tech. The Nasdaq finished with gains of 0.92% on the day, while the S&P and Dow closed up only 0.54% and 0.44%, respectively.

When looking at a candlestick chart of the SPDR S&P 500 (SPY), the result of today's price action is another gap and doji, which has been flavor of the month lately in the market. When you see a lot of tails on candlestick charts, it is a sign of indecision, which aligns with the tactical mindset we have been emphasizing of late....1117 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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