Off the Charts

Markets continue hang tough in the face of some complicated headlines. The headlines and the pattern in the S&P 500 are starting to tell two different stories; as technicians, however, we almost always defer to the price action. The patterns look bullish, but the headlines are very negative. In this thin tape, though, it is healthy to view the action with a bit of skepticism. On the S&P, 1235 was outlined as micro support and held midday; now the market seems poised to resolve this upper wedge to the upside.

We have seen nice participation from different groups as well as some more leaders join the brigade. Sometimes the hardest trade is the right trade, and right now it feels pretty uncomfortable trying to hold a portfolio of stocks during a time in which it seems like historic headlines are released daily. As of now, the rally remains intact, and a lot of nice set-ups exist for those willing to identify their time horizons and stay strategic....509 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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