Off the Charts
A day to take notice. The S&P 500 and Nasdaq both gapped up to new 52-week highs this morning but closed the day sharply lower. The S&P closed the day down 0.35%, the Nasdaq down 0.29%, and the Dow down 0.51%. What will today's reversal lead to?
It was an outside reversal for the S&P as it pushed above yesterday's high and below yesterday's low. Today's reversal at highs is a reason for traders to clean up excess longs, but it does not mean the macro trend has changed. The S&P has been riding an accelerated uptrend since Aug. 3. A break of that uptrend comes into play at around 1407. A move and close below that level would be more concerning than today's outside reversal. A key level of support that could get tested if 1407 does not hold is 1390. A test and hold of that level would still keep this summer's uptrend intact....654 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.
