Off the Charts
The market's focus remains on the fiscal cliff, and without any resolution it would seem hard for us to get any significant bounce. In Friday and Monday's sessions, the market saw heavy pre-market selling that was contained once the session opened. The S&P (SPY) opened slightly positive this morning but was sold-off within the first hour of the day. The S&P closed the day towards the lows of the session, down 0.48%, while the Nasdaq was hit the hardest today, closing down 0.74%.
The S&P is trying to hold support of the 50-day moving average that stands at 1413, although the intermediate uptrend that has been supporting this market since the Nov. 16 low gave way today. It will be important to see how the market handles this break. Will the 50-day moving average continue to support the S&P or will deeper support levels be tested?...698 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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