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Tuesday, April 24, 2012

SPX update

Here is the latest 195 minute chart.  Things are starting to get clearer with levels to react to.

The red line is the 4/10 low.  That was a very over sold condition and when that type of low breaks it usually means a cascade down.  The green line is possible resistance at the last swing high.  Until SPX clears that line we are still technically in a trading range.  The light blue line is marking the down trend and would be the first bullish sign if broken.  In between the red and green lines, anything can happen.  The futures are up a good bit tonight on AAPL earnings.  That down trend line might come into play early in the morning.  I suspect a lot of traders will be watching the reaction of AAPL after the open. 


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The information in this blog is provided for educational purposes only and is not to be construed as investment advice.