Off the Charts

The S&P saw a clean break below the 1671 support level today after a gap and go to the downside. The index opened below the 1682 upper level floor of support at the open and continued lower in the morning. The market stopped the bleeding, but still closed near the lows of the day. Today's aggressive selloff (-1.43%) puts the S&P on a trajectory toward its 50-day moving average.

The action has been choppy in the last few sessions, but as of yesterday's close there were some clues to lighten up and pare down risk. Today's low was 1658, so use that as your new short-term point of reference. There could be some support around the 50-day moving average in the 1653-1656 zone.   ...392 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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