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February 05, 2013 at 17:35 PM EST
Minyanville's T3 Daily Recap: Market Reversal Back to Highs Has Technicians Scratching Their Heads
Today the S&P (INDEXSP:.INX) flummoxed traders who were betting on a correction following yesterday's sell-off erasing those gains and briefly making a new high. The index saw its first gap-and-go of the year to the downside yesterday and closed below its 8-day moving average an indicator we look at for short-term composure. However traders woke up this morning to a sizable gap up and the rally continued during the session. The S&P finished the day up 1.04% while the Nasdaq (INDEXNASDAQ:.IXIC) was even stronger posting gains of 1.29% thanks to some promising signs from its biggest component. Apple (NASDAQ:AAPL) ...
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