The indices were heading into the close poised for a solid gain. While the gains were still, nonetheless, respectable at day’s end, they were a bit disappointing considering how far from the day’s highs they were. Nonetheless, the pullback that the market has seen over the last few trading sessions, has not been threatening at all, and prices look to be consolidating before another attempt at a breakout to the upside. If we can consolidate for a few more days to alleviate the overbought conditions, we could see another strong move.

Here’s the NASDAQ and S&P charts…

nasd033109

sp33109nasd33109

    You are unauthorized to view this page.

You Might Like

  • Stop Trying to Hit Home Runs: Start Trading Within Your Means

  • How to Trade Breakouts Without Getting Trapped

  • Managing Headline Risk: How to Survive the News Cycle Without Losing Your Mind