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Thursday, May 24, 2012

Daily update

Today was the fourth day in a row the last 30 minute bar closed higher.  Somebody is putting money to work here.  Lets take a look at the 130 min. chart first.

We stayed above the down trend line today.  The mid day pullback tested the 18 SMA, but it held and the market rallied into the close.  How about a peak at the 60 min. chart.

The purple line is the 50 SMA.  You can see that today was the first day we closed above that since early May.  It would appear a bounce is underway.  There could be quite a few people still short here.  If we keep rallying, a sharp move up at some point is likely as they cover.  The resistances I mentioned in yesterday's update are still in play.


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