Off the Charts
After Friday's potent move down, the market had continuation to the downside at the open today, and the S&P 500 was down about 20 handles. All indices closed the day in the red, with the Nasdaq getting hit the hardest, down 1.20%. It was positive to see the market close the day off of its lows, but European woes continue to haunt this market. There was a lot of attention on crude oil today, as it closed the day down 3.69% after rallying into prior resistance of $95.
It was stated on Thursday that the S&P was not seeing much traction above the 1375 level. It is typical in summer trading to see false breakouts and breakdowns, which is what we saw last week. Sellers entered the market Friday and were relentless throughout the whole session as the market closed the day on lows. There was follow-through at the open to Friday's weakness, but buyers stepped in and supported the S&P at the intermediate uptrend that remains in place since the June 4th low. Traders who are looking for follow-through are not being rewarded for now as the S&P continues to navigate this range of the ascending channel....1151 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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