Off the Charts
The indices opened with decent gains this morning of about 1% or more, despite yesterday's weak close. Sellers stepped in quickly to fade the move, but the S&P 500 was able to stabilize around lunchtime before pushing higher in the afternoon on news that China may invest in Eurozone debt, although that story is not confirmed.
The S&P tested support zone 1, which was highlighted yesterday, of 1220-1228 early this morning and rebounded from that level. Traders were looking for more of a retracement, but the longer the S&P holds above 1190-1210, the greater the probability of seeing the higher end of our fourth quarter target of 1250-1300 being met. The market still has a lot to prove in this upper zone....558 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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