Off the Charts
The market recovered from early weakness this morning to finish with healthy gains. All major indices closed the day up around 0.8%. The market opened negative and continued lower early in the session as concerns linger about the fiscal cliff. However, positive comments about negotiations from both House Speaker John Boehner and President Barack Obama helped spark the intraday reversal. The S&P held in front of its 38.2% retracement, keeping bullish composure intact.
Overall, the market continues to show commitment to the Nov. 16 reversal. There is an upper level range forming in the S&P (SPY) between 1385 and 1409. It would be constructive to see a few more days of digestion before it attempts to trade back to the 50-day moving average at 1423. Some strong stocks showed their hands early as they held key levels of support and traded from negative to positive. The financials and homebuilders are lagging sectors right now while technology and retail stocks show relative strength....564 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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