Daily Market Commentary: Mixed Action
Bears got the volume, but not the action to suggest they succeeded in breaking bulls morale. The S&P continued with the channel breakdown, but finished with an indecisive 'spinning top'. Even if bears were to press tomorrow, the 50-day MA would quickly come into range as support. I suspect we are looking at a trading range, something part of a larger move higher. However, it remains to be seen where the low of this range lies.