Off the Charts

The market saw continuation to Friday's weakness in the first half of the day before powering higher in the last hour to finish in narrowly positive territory. The Nasdaq showed relative strength, which has been rare of late, closing the day up 0.38%. The Dow and S&P 500 closed the day up 0.02% and 0.04%, respectively.

Taking trades is key in this current market environment. Last week, the S&P saw a powerful three-day rally off the 50-day moving average that was met by aggressive selling on Friday to wipe out last week's strength. The market is basically back to the same place it started last week as the S&P continues to navigate this wide descending channel with 30 to 40 handle travel ranges. If Friday's move lower will ultimately lead to more downside, the S&P should stay below 1443 to 1448, but if the market continues to trade back to the top end of the channel, then this back-and-forth action will most likely remain....780 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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