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Originally Posted by coolhand

After 3 positive days, the market stepped back on Tuesday. That's normal action. However, the 200 dma looms very near on the S&P 500 and that's a potential resistance area.




Not much change to the charts. We remain in somewhat of a sideways pattern right now with price sitting in the upper end of the range.



Breadth remains positive, but is close

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Stocks were excited by a Fed who said this economy isn't likely to turn into a depression, and later some news of very promising results from a coronavirus vaccine currently being tested. The Dow jumped 912-points, and many indices ran toward, or exceeded, last week's or last month's highs, wiping out last week's losses. The S&P 500 closed at 2954, which is just one point off of the April 29th high tick, so it is basically back at the top off its range. Small caps gained nearly 5%, ...