Markets are still having a problem building on strength, although all major indices did finish higher today. It seems as if today could have been the day for the S&P's to get back in motion and break out of this recent wedge type formation, but the rally once again petered out. We really need to close above S&P 1460 to gain momentum to the upside.
Today, weakness in oil and Hewlett-Packard (HPQ) were perhaps a bit too much for upside momentum to kick in.
Apple (AAPL) closed the day up another eight points after holding its 50-day moving average yesterday. The stock is now up almost $20 since falling down into that key support level. The next resistance to watch is $674-676.
Metals continue hang tough in upper ranges as world central banks introduce new monetary policy measures aimed at stimulating growth.
Overall, its best to wait for a definitive break of this wedge pattern before jumping in with big bets in either direction. As traders it's always our goal to minimize risk and maximize reward, and that is not easy in this choppy type of environment.
*DISCLOSURES: Scott Redler is long AAPL, XHB, JPM, SPY, FB.