Off the Charts
It was a choppy session as the market gapped up to new highs but failed to extend from there. Despite closing off the highs, the indices all closed the day in the green. Tomorrow is the Fed announcement, which should be a catalyst for the market in one direction or the other. The expectation is that the Fed will start rolling out plans for another round of bond purchases (QE3) in an effort to stimulate the employment picture.
The S&P 500 is looking strong as it flags above the prior breakout of 1422-1426. Typically, what was resistance becomes support. The next level for the S&P to clear is 1440. Above 1440, the next level of resistance is 1470-1475. The overall trend is to the long side, and it has proven more profitable to buy the dip than to add on strength, as momentum seems to be lacking....420 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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