Off the Charts

The S&P tagged the 8-day moving average on today's weakness as it broke the upper level ascending channel to the downside. The S&P and Dow both finished the day in the red, down 0.38% and 0.16% respectively, while the Nasdaq eked out a marginal gain of 0.01% thanks to the strength in sector heavyweight Apple (AAPL).  

After today's action it makes sense to have a more neutral stance to the market as the market seems a little lethargic at these upper levels. There has been a big move in the S&P from the June 24 low to the new high of 1698. A rest would be constructive in the indices and it would be prudent to increasingly shift your focus to individual stocks. Overall, less is more in this current environment....502 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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