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Monday, September 10, 2012

Daily update 9/10

The market gave back some today.  Here is the daily SPX chart.


SPX is still above its break out point, but just barely.  It did get back inside the Bollinger band since the bar is no longer blue.  It also closed below yesterday's low.  I don't know what more to say until we find out where support comes in or we clearly fail the break out.  What may be more important today is the COMPX chart.


The red line was the spring high.  It barely closed above it the last two days and clearly failed today.  I know a lot of people watch this index and like to see it leading on the upside.  That is not happening at the moment.  Is this an early sign the SPX break out is going to fail?  It is probably too soon to tell, but I would say this rates a caution flag.  We will just have to see what the bulls do tomorrow.

Chart practice has been updated with a look at RIMM from Friday and today's stock UPS.
http://traderbob58-chart-practice.blogspot.com/

Bob

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