Tuesday, July 17, 2007

Inside Day For The S&P (SPX)



A choppy day today with the S&P putting in an inside day after last week's rally.

If you look at the the above chart you will see over the last 3 days of trading the S&P has been in a 10 point sideways trading range while the dow and the NASDAQ continue to make new highs today.

The levels to watch for a possible breakout of this trading range in the SPX are 1546 and 1556.

2 comments:

cep said...

Yesterday, the dow made a new all time high breaching 14k for the first time ever. That said, MER (crushed the top-line #), KO (had 9% growth overseas- meaning it qualifies as a stock with a large global footprint which is all I hear analysts talking about these days) and JNJ were red all day long. All better than expected and all of them considered the reason why we were breaking out to begin with. Seems like the tide is changing no?

Kevin said...

I noticed the same thing.. maybe the market might consolidate or retrace a little here but I wouldn't become super bearish.

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