Thursday, January 29, 2009

Market Recap

After having a 4 day, 70+ point rally, the S&P 500 index failed to muster up sufficient strength to close higher for a fifth consecutive day. In doing so the S&P has now formed a lower pivot high, which shouldn't be surprising considering this rally was preceded by a lower pivot low. Remember, lower pivot lows are generally followed by lower pivot highs! Conversely, higher pivot lows are typically followed by higher pivot highs!

Here's a snapshot of how the major market indices and sectors finished the day:


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