World markets are soft ahead of Ben Bernanke’s congressional testimony, which makes a bit of sense as most have enjoyed big rallies off the lows from June 24. The S&P 500 is extended from the 8- and 21-day moving averages in a very overbought stage for some time now so digestion/weakness is a welcome sign. A break and close below 1662 will let some steam out of the rally. The bigger line in the sand comes in around 1642. Pivot resistance stands at 1683-1684 with intraday all-time highs at 1687. …read more
Source: FULL ARTICLE at Forbes Latest