Off the Charts
Was that all the power the bears had? Sellers entered the market yesterday after it failed to hold new yearly highs, creating an outside reversal day. Yesterday's action was a reason to pare down risk and clean up excess longs, but the bears had a lack of follow-through today. Bulls remained in control as the S&P 500 held a high level of support around 1407. The market closed the day mixed as the Dow closed down 0.23%, while the Nasdaq gained 0.21% and the S&P closed the day flat, up 0.02%.
There was minor follow-through to the downside this morning, but buyers stepped in late afternoon, supporting the 1407 level and rallying the market higher. The Fed minutes played a big role in igniting the afternoon rally after they hinted at imminent QE3. Also, the "go-to" leading stocks showed relative strength this morning and acted well throughout the rest of the session as they shrugged off yesterday's weakness....765 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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