We're Short-Term Oversold
The drop Wednesday in response to the release of the Fed minutes was enough to penetrate, albeit marginally, the support we had been watching in the 1335 zone of the S&P 500. But a number of factors make me reluctant to take it very seriously.
The first is that the Arms Index moving averages have become quite oversold on a short-term basis. This is easily seen on the second chart, below. The second is the lack of volume, suggesting there is no rush to sell....343 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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