Off the Charts

SPDR S&P 500 (SPY) closed the day down 2.41%, but considering the size of the rally in October, it is nothing to fret about yet for the bulls. In last Thursday's "Off the Charts," we stressed that our fourth Quarter target of 1250-1300 on the S&P 500 had been met two months early and it was time to pare back expectations in the short term. The "meat and potatoes" of the move is over, and by the end of last week, we were coming into heavy resistance zones.

The trend is definitely to the long side after this four-week rally in the market, and now it is time to be patient, but prepared, to buy back at key retracement levels. The gap-up from Thursday was filled today, and the 25% retracement level is not too far away at $123.95, which corresponds to the breakout of the multi-month channel. The 38.2% retracement level is $121.04. In this four-week rally, we have not seen more than a 25% retracement for each dip....643 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

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.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.