Off the Charts

The indecisive price action we saw today is nothing new. In the last couple weeks, the market has been unable to build momentum to the upside or downside, creating a somewhat confusing environment for active traders. What's the next move for this market? The market has been trending higher since the Nov. 16 reversal, but as a rally gets more long in the tooth it becomes more difficult to sustain. After a 6.7% rally from the 1343 low, today's gravestone doji into resistance of 1440 signals traders to lighten on longs as the recent uptrend could be losing strength.

Despite the lackluster market, we have seen some decent rotation through stocks with constructive bullish chart patterns. But compelling chart patterns are becoming even harder to find as this rally becomes extended. Some consolidation would be constructive for a new round of chart patterns to develop....663 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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