Scott Redler Discusses the Market Complexion with CNBC

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In yesterday's Market Insider Column with Patti Domm on CNBC.com, T3 Live Chief Strategic Officer Scott Redler broke down yesterday's weak market action in the aftermath of the release of the Fed's March Meeting Minutes:

The real test is whether the market will fall below and close below the 50-day moving average, which it hasn't done since Election Day. That would be a signal the complexion has changed, and that would breed more caution,” said Scott Redler, partner with T3Live.com.

Redler, who follows the market's short-term technicals, said the dramatic reversal in the S&P 500 Wednesday may be a forewarning of more turbulence to come.

“When you break key levels and hold them, it's a constructive signal for the bulls. If you push above levels and it fails, it could give you some clues that there's more weakness to come. The banks and small caps were giving clues even before the Fed said the market is quite high,” said Redler.

Click here to read the full article on CNBC.com, which also includes commentary from market legend Art Cashin, who serves as director of floor operations at UBS.

 

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