Back-and-Forth Action
Did the Fed put a top on the move? It is starting to look that way. After the news six trading days ago, the high at about 1475 in the S&P 500 has been subsequently approached but not exceeded. But even as the market is finding it difficult to move higher, it is equally difficult for it to go lower. Each drop is met with buying which tends to erase the loss and return the averages to small gains or losses for the day.
It looks like end-of-the-quarter window dressing. The support level we have to be watching is at about 1450. A move through either stopping point, especially with heavier volume and a widening trading range, would be important....320 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.
