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Wednesday, September 5, 2012

Daily update 9/5

The bulls keep trying, but so far they have been thwarted.  Here is the daily SPX chart

There is getting to be some daylight between the 6 and 18 SMAs.  The 18 has flattened out and the prices that are falling off are in this area and above.  It will start to roll over in a few more days.  Check out the 60 minute SPY chart.

SPY pushed on the down trend line pretty hard today.  After yesterday's bullish hammer candle I thought we might get through there this morning.  If it does not get through it tomorrow I think the odds start shifting to the bears. 

I think a lot of people are waiting for the employment report on Friday.  We could sit and spin until that gives people some odds on QE at the next FED meeting. 

Chart practice site has been updated.  Today's stock is WYNN. 


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