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Tuesday, May 15, 2012

SPX daily update

SPX continued down clearly breaking below the 100 SMA now.  We also broke below the 1340 level a lot of people were watching.  The technical condition continues to deteriorate. Here is the daily chart.

Volume picked up some today.  We are getting into the extreme short term oversold category.  The 18 SMA is way up at 1374.  The risk of a significant short squeeze bounce is increasing, but it is pretty hard to find any support on the chart now until we get to 1330.  This is kind of no mans land here.


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