Off the Charts

The back-and-forth action continues as the wedge pattern develops. All major indices closed the day in the green, but it was in a very lethargic trade today.  

It is wise to tread lightly until this wedge resolves, as it is still hard to get follow-through in either direction. A move above 1460 would resolve the wedge to the upside, and a move below 1435 would resolve the wedge to the downside. The market looked poised to break out today, but the extreme weakness in crude oil and in Hewlett-Packard (HPQ) weighed on the positive action. The banks and homebuilders showed relative strength today as they led the market higher....383 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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