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Wednesday, May 2, 2012

SPX update 5/2

Looking at the daily chart it would appear the market is trying not to decide which way to go.  Check out the chart.

As the price pattern is developing it is looking like we are forming a box between the .786 retrace line and key support at 1392.  Inside that box anything can happen.  SPX tried to break out on the upside and failed which gives the bears a slight edge.  Hopefully it won't take too many more days for the market to decide. 


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