By: T3Live.com
Yesterday evening, Scott Redler was quoted in CNBC Patti Domm’s blog about the technical setup in the market following the sharp afternoon rally. Click here to read the full article.
Getting Technical
Scott Redler, a technical analyst with T3Live.com, said Wednesday was an important day technically for a market that has been seesawing with the dollar’s every move. He said the market may be breaking a trend in which financial stocks have been holding back the broader market.
“The 1085 level on the S and P held once again, which keeps the market in the upper channel of its range,” he said. “We had three false breakouts above 1115 and now there’s been no breakdowns. The market seems like it’s going to be range bound until year end with different sectors taking the lead.”
“What changed today was for the first time since early October, Goldman Sachs led the market higher, even with news out there that money raises in the banking sector are going to result in more shares,” said Redler.
