Off the Charts

It was another choppy day in the market. The S&P 500 opened higher but trended lower most of the day, breaking yesterday's low. A rally in the last hour of the day took the S&P and Nasdaq back into positive territory, while the Dow closed in the red. This back-and-forth action is difficult for traders to get a read on, as there has not been follow-through in either direction.

It is important to know whether you are you a macro trader or an intermediate-term trend trader. If you are a macro trader sitting long, then there is not much cause for concern at these levels, as the overall uptrend from Oct. 4 (and most recently June 4) remains intact. Also, the S&P is still above the prior breakout level of 1422-1426....463 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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