Off the Charts

Wednesday was a quiet trading session as the S&P continues to rest in front of the 2013 intraday high. The S&P finished the day up 0.28% as the market continues to work off its overbought condition.

Overall the S&P is still in an uptrend but the market is in digestion mode as it absorbs the recent gains in the past two weeks. There is an upper level floor of support building above 1680. The longer the S&P consolidates above this level the greater my conviction will be that we could see new highs. During this back-and-forth action, it is important to have patience and discipline as the action can be frustrating if you try to do too much....603 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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