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Monday, August 27, 2012

Daily update 8/27

It may have been what seemed like a nondescript day, but it may have done something important.  Lets start with the daily SPX chart.

Early today price tried to get back above the upper channel trend line, but failed.  I think the 60 minute SPY chart is pretty clear tonight.

SPY opened above yesterday's high and above the 50 SMA.  It proceeded to sell off immediately after the open and back below the 50.  After considerable time consolidating around the lows, it bounced and got back above the 50 again.  However, nobody came to the bulls party.  After three hours of consolidation above the 50, it sold off and ended the day back below.  The bulls clearly had two chances to take control of this market and failed to do so.  I think the bounce off the daily 18 SMA has failed.  In the absence of world saving news over night, the market is likely to resume going down tomorrow.

Chart practice has been updated.  I am using current charts now.  Tonight's stock is LNKD.  Check it out if interested.  http://traderbob58-chart-practice.blogspot.com/


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