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Aug 29th Sun Market Overview

 
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arthur
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PostPosted: Sun Aug 29, 2004 5:50 am    Post subject: Aug 29th Sun Market Overview Reply with quote

SPX rallied to a group of major resistance levels recently, i.e. 1,104 (50 day MA), 1,111 (200 day MA), and 1,109 (previous high). Also, SPX may be creating an inverse head & shoulders pattern (see circle), which is bullish. SPX will need to pullback, e.g 20 or 30 points within a week or two, to create the right shoulder to complete the pattern. Also, volume, money flow, and the oscillator (ULT) all indicate underlying weakness. However, if SPX continues to rally, then the 1,140s are next major resistance.


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