Although it's possible the S&P 500 could move right back to its prior highs without further correction, the combination of key moving average convergence, resistance of the prior lows from April, and steadily declining volume on the bounce off the lows leads Deron Wagner to believe there's a better chance of the index retesting the lower half of its May 6 range first.
One day the world is convinced that the central bankers and financial meddlers of Europe have the secret to success. The next day, they change their minds.
The stock market indices continued their rally off last Thursday's spike lows, as they opened strongly and rallied and stair-stepped their way higher all day.
Because yesterday was the first test of the 20- and 50-day moving average resistance levels since the major indices broke down, yesterday's intraday highs may be pivotal levels.
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