Back in the day, the two-word Navy description for today's action would have started with "limp".
The SP500 eked out a close just above the 880 support level. The "rally" came with negligible volume and the "catalyst" Alcoa did what?________________________________________
Alcoa (AA) opened strong and finished just above support but weakness ruled._______________________________________________________________
Looking at Cooper "type" stocks with adequate price, range, and volume, FPL is one that made a lower low, higher close, and close above the open, and the top half of the range. I'm not sure that this is a target for me._____________________________________________________________
One principle of technical analysis is that previous resistance may become support, or vice-versa. Here the Commodity Research Bureau Index might show that quality.___________________________________________________________
It's all good? Winners live above the 200 day average and losers live below. Walmart (WMT), with a partial Gann 3 day chart...with a breakdown, retrace, and close right on the prior breakdown point. Wow.____________________________________________________________
The US dollar weakness didn't provide enough support to give the market as much juice as many would have liked._________________________________________________________
Bottom line? Not much changed, and the market climbed the greased pole of worry. Speculation: the dollar weakness continues, under the direction of the powers that print.
Good trading and great risk management to all.
Educational use only. Never intended as investment advice.


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