The 50 moving average on the daily chart of the SPDR S&P 500 ETF (NYSE:SPY) continues to be a major issue for the markets. Yesterday, the market nailed this level but could not get through. Then Intel Corporation (NASDAQ:INTC) reported earnings and during the after hours session, it appeared the market was going to blow through this level. This morning, the gains had faded and the market was sitting just under the 50 moving average once again. It has failed so far to get through and the markets do look tired. Big earnings tomorrow from JPMorgan Chase (NYSE:JPM) are scheduled. The market is higher by 8% in the last 7 trading days. It is in need of a small pull back. Stay tuned to the swing trade calls, guidance, analysis and education in the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com