Market on a Wobbly Floor By Dick Arms About this article: The rally yesterday took the Dow to just about where it would logically run into resistance. Last week I was saying that the S&P 500 was stuck between 992 and 1018 and that a breakout in either direction would be significant. The subsequent decline broke it to the downside, and it did so with heavier volume. It has now gone back up to that same level, which is likely to represent difficult resistance. Yesterday's advance with a low Arms Index shows us that there is still a great deal of resiliency, but that it is now encountering increased selling. We appear to have had a very important move on Friday and Monday, suggesting that the advance since the start of July has run out of steam. That puts the likely first support area at around 950. I have been suggesting caution and selective profit-taking but holding... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200. More Stories From RealMoney Durable Goods Up Move Down the Tech Food Chain Jobless Claims Still High Bulls' Tenacity Is the Big Question Mark Should You Buy It? Pharmaceutical Product Development Bad News Trumps All Support for Banks Holds, For Now Bummer, Yields Are on the Rise Money on the Line Makes a Big Difference Structured Products: Unsafe at Any Price MORE STORIES FROM REALMONEY

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