Off the Charts
The market has been impressive since bouncing off its 50-day moving average yesterday. The S&P has seen a large travel range from yesterday's low of 1427 to today's high of 1455. If the Bulls want to remain in control of the S&P, a few days of rest above 1448 would be healthy.
Overall, the market is acting well as it held above the 25% retracement level of 1422 and also held the prior breakout level of 1422-1426 on this recent correction. Further consolidation above this level would be constructive as an upper-level channel continues to build. Support of the channel is 1422-1426 and resistance is 1470-1470. In the short term, use today's high of 1455 as your new point of reference. This week and next is the heart of earnings season, with financial and technology stocks reporting heavily this week....635 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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.