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Thursday, March 22, 2012


Today my target of 1385 was hit.  There is strong support here, but the 20 DMA sits at 1376 and may be tested again.


If the 20 breaks there is further support near 1360 and the 50 DMA, but this support is not as strong and will have to rely upon an oversold condition to hold, and may only be a short pause before more selling takes place.  If the 1360 area is breached, it will become very interesting. because the market will be susceptible to finding 1340 before finding it's next support.

In a nutshell, 1385, 1376, 1360, and 1340 are the supports and there is no telling just yet what will break and what will hold.

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