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.
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