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), (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.

Read the full story and get access to the Real Money Pro trading floor.

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.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.