Off the Charts

The market rallied last week on expectations for Fed and European Central Bank action. Yesterday, the Fed disappointed, leaving rates unchanged with no QE3. Today, the ECB also disappointed, with no definitive plan of action and also leaving rates unchanged. When the market rallies on "hope" and then that hope is taken away, it is hard for the market to sustain its strength. The indices closed the day in the red, but pared some of the extreme losses in the last hour of the day.

This week, traders have looked to three key events: the Fed decision, the ECB meeting, and the jobs report. With the Fed and ECB out of the way, traders are looking towards the jobs report tomorrow at 8:30 a.m. EDT for more clarity. For now, this market is "bent but not broken." The first trend line that was breached, on July 24, contained the downside action today, and the S&P 500 is still above the 50-day moving average -- both positive signs for the bulls. The uptrend is still intact. A break and close below 1348-1352 is when composure will change. Today, the strong stocks that are holding above key moving averages acted best as they bounced from a higher level of support. But the weaker stocks that were holding up were hit the hardest....454 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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