Off the Charts

The market continues to turn traders around as we remain in a very headline-driven tape. After the indices showed strength yesterday following the gap down, they opened lower this morning and continued to the downside. Stocks were able to bounce in the afternoon to pare losses, but there doesn't appear to be an end in sight to the government shutdown. Anxiety will only increase leading up the Oct. 17 debt ceiling deadline.

The S&P finished the day down 0.9% and now sits right at the 50% Fibonacci retracement of the most recent bounce. Tomorrow's action could be key in determining short-term composure. If we open higher or rally during tomorrow's session, it will preserve the choppy environment that has traders largely sitting on their hands....576 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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