Off the Charts
The market rested Tuesday, trading in a tight range near the flat line after yesterday's outside bearish reversal. There was some early selling pressure, but it quickly dissipated and today turned out to be a non-event. This digestive action is healthy, though, as the market works off what remains of its overbought reading. The S&P closed the day down 0.17%.
Today the S&P tagged the 25% Fibonacci retracement level from the November low to yesterday's high, which stands at 1404. Overall you could say that the market took yesterday's reversal in stride and didn't allow it to lead to something more -- yet. Still, there don't seem to be many enthusiastic buyers at these levels....625 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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.