Off the Charts
It was a fairly choppy day as the market saw a lot of whipsaw action, and the doldrums of low-volume summer trading continued. The S&P 500 actually closed the day totally FLAT! -- 0.0% -- while the Dow and Nasdaq closed the day down just shy of 0.50%.
The Fed minutes disappointed this afternoon, and the market accelerated below yesterday's lows but pared most of those losses by the end of the day. Overall, the action felt much more bearish than bullish. There are a lot of broken charts out there. The S&P held the uptrend today of the ascending channel. But after a 30-40 handle-down move from last Thursday's high, it would not be too surprising to see some choppy days of consolidation. Continue taking trades; less is more in the current market environment....623 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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