Off the Charts
The market saw a sizable gap up this morning despite Standard & Poor's two-notch downgrade of Spanish debt. Headlines pointed to a Citigroup note stating that it sees a global rally through the end of 2013 as the catalyst for the overnight gains, but we had simply reached oversold levels. The market was not able to hold on to those overnight gains, however, as the Nasdaq and Dow closed negative while theS&P 500 posted only marginal gains.
The S&P gapped up into resistance of 1440-1445, allowing the trading oscillator to burn off the oversold reading. Today's action can be considered bearish, as we were not able to build on the overnight strength. This was a very feeble bounce attempt....720 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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