Off the Charts
It was a typically quiet August trading day as the S&P 500 continues to digest recent gains. Digestion and rest are healthy for bull markets.
The S&P continues to act well but is still a bit extended at these current levels as it stretches off the eight-day and 21-day moving averages. Just because the S&P is extended from its smaller moving averages, it does not mean this market is a short; it may just need a day of rest to let the moving averages catch up. There has been some decent movement this week in stocks, but momentum is lacking (but not unexpected for this time of year, though.) This market is in an uptrend and dips should be buyable....459 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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