Off the Charts

The market opened sharply higher this morning on news that presumed Fed chair front-runner Larry Summers had withdrawn from consideration. World markets greeted the news positively because Summers is considered more hawkish than the other presumed leading candidate, Janet Yellen. However, the gap up was met with selling as the S&P ( up 0.57%) and Dow (up 0.77%) pared gains during the session while the Nasdaq (down 0.12%) slipped into negative territory thanks to weakness from its most heavily-weighted component, Apple (AAPL).

Today's candlestick can be interpreted as neutral-bearish despite the S&P's gain as we failed to hold new highs. Whether or not (and how quickly) the gap gets filled will also help determine the importance of today's price action. Ultimately, if the S&P can digest above 1689 it would be constructive going forward....532 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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