The S&P Forms a Bearish Setup
For the third day in a row, the S&P 500 managed some minor gains, but breadth was slightly negative, and weakness in oil and commodities offset strength in biotechs, homebuilders and retail. There was some excellent trading action in select stocks such as Sarepta Therapeutics (SRPT), which was my main focus today, and Apple (AAPL), Priceline.com (PCLN), Google (GOOG) and a few others came back, but we still aren't seeing much momentum of interest.
The S&P 500 is wedging up slowly as it approach resistance at 1457-1460. I view this as a bearish setup. To negate it, the bulls need to move through 1460 with some volume. If we roll over and take out the lows of the last couple days, it will probably be time to press shorts....129 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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