Coming Up For Air | chessNwine (ibankcoin.com)
by chessNwine about 4 hours ago
Despite the impressive earnings out of $INTC last evening and the accompanying spike in the futures, the market had already curbed its enthusiasm by the time the opening bell rang this morning. After a powerful move higher since hitting 1010 nearly two weeks ago, the S&P 500 put in an indecisive doji today, to close off 0.02% at 1095. Clearly, after six consecutive closes higher, the market took a much needed pause as it comes to terms with the 50 day moving average, as well as the psychologically important 1100 level. Both breadth and volume were consistent with a flatliner of a trading session.