Off the Charts

The market can't seem to build any upside momentum. Like we saw on Friday, stocks reversed into negative territory after bouncing in the morning. Volume remains light and leadership is scarce, two things that traders do not like to see. The indices closed the day in the red with the Nasdaq getting hit the hardest, down 0.70%.

Today was a tricky day in the market from a trader's perspective. The S&P 500 opened below Friday's low and rallied hard off the open. It was hard to be involved in the first push but it looked like additional upside was in the offing. The S&P traded as high as 1388, back above the 200-day moving average where it held for most of the day, before succumbing to selling pressure in the last hour of the day....935 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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