The bulls put in another good day’s work on Tuesday and were able to sustain current support levels despite another bear rush at the open. Yesterday’s action was still choppy but Wall Street managed to turn higher once the suit-and-ties got back from lunch.
The Dow gained 26 points, or 0.2%, to finish at 12,127. The low for the day was 12,072 but the blue-chips managed a high of 12,147 and are still gunning for a close above 12,200. Tuesday’s low was higher than Monday’s test down to 12,035 but the bears haven’t given up on cracking the 12,000 level.
The S&P 500 added 7 points, or 0.6%, to close at 1,285.50. The index dipped just below the 1,275 level to 1,274.16 but was able to bounce off the lows to reach a high of 1,287.62. The 200-day MA (moving average) is at 1285.68 which shows just how close the index is to breaking out to 1,300+, or breaking down to 1,250 or worse. (Read more…)
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