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Tuesday, July 10, 2012


Does this AD vs Price chart look interesting?
And there you have it.  Simple as pie
Daily SPX
Thursday gave us a Harami and Friday's Black Maribozu confirmed the sell signal.   Today has a tail so be cautious. The market is undecided right now.  But the next support is near my old favorite. 1295.  That's also in the area of the 200 DMA and the Blue Fork.  Remember how told you months ago that 1297 was going to be an important area?

Until that Blue fork and the 200 are broken we still stand a fare chance of revisiting the 1409 area.  That would fill the forks with a nice symmetrical balance, but I'm not so sure the market has that kind of power right now, so it's a wait and see game.

Yesterday I said "The 20 - 50 DMA area will be key if the 1343 support fails".  We bottomed three ticks off the 50 DMA today.  The 50 is the key price now.

I have had a big fat magenta line on my charts at 1330 for weeks.   So where did we reverse today?  1330.50.  So once again I say be cautious.  This is support/resistance.

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