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SPX Range

 
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arthur
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PostPosted: Fri Feb 11, 2005 7:08 pm    Post subject: SPX Range Reply with quote

The SPX weekly chart shows a rally on declining volume over the past two weeks. The Parabolic SAR (red dots) shows major resistance at 1,212 and major support at 1,170 (which is the 20 week MA).

SPX Feb Max Pain is currently 1,190 (up from 1,185 last week). SPX closed at just over 1,205. OEX Feb Max Pain also rose to 570 (from 565). OEX closed at just over 577. QQQQ Feb Max Pain is still at 38. QQQQ closed at 37.70.

Consequently, I tend to believe, the market will pullback early next week (e.g. Mon to Wed) and then rally. SPX and OEX will close the week at lower levels, while QQQQ will close at a slightly higher level.

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