Off the Charts

The market jumped again today, and what do you know -- most of the gains came overnight. The S&P showed relative strength to finish the day up 0.72%, the Nasdaq gained 0.56% and the Dow closed up 0.50%.

We are starting to enter a tricky spot in the market. The indices have seen an impressive rebound over the last two weeks, which is healthy. The S&P has reclaimed its 50-day moving average and broken the upper level wedge to the upside. At this point, it's tricky to initiate new longs after strong 50 handle move in the S&P. We are now hitting more significant levels of resistance and the trading oscillator is flashing overbought readings....886 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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