After Quick Sprint, Markets Out of Breath

Early last week, it looked as though the markets might be off to the races. A gap up on Tuesday and then a speedy return to and -- in the case of the Dow and the S&P -- through the old highs suggested a winning sprint, but then yesterday it seemed as though they hit the wall. 

Note on the first chart below that the trading range yesterday suddenly became extremely tight. The S&P had a tiny trading range on unimpressive volume, but still above the old resistance, but the Nasdaq average again refused to break out above the prior highs, and the entry was infinitesimal. Here too it looked as though it had run into a wall. The question, then, is whether they flip over and crash and burn or get back on track. ...244 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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