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Tuesday, November 20, 2012

Daily update 11/20

It was a bit of a choppy day.  There was a couple of dips and the bulls came in to buy.  Here is the daily SPX chart.

The 18 SMA is now 1393 tonight.  Then we have the 1395-1400 resistance zone above that.  Volume dropped again today.  With the holiday coming up it will likely drop again tomorrow.  Here is the 130 minute SPY chart.

Intraday volume was very light today relative to what we saw on the way down.  SPY closed above the resistance line it stopped at yesterday.  Since it has consolidated there for quite some time it seems likely it will be able to get through it.  The next resistance line is at 140.20.  Tomorrow could be thin and choppy so be careful trading.  The market can levitate around holidays sometimes.  Buying a dip intraday can be profitable if we get one.  I am not sure there are many rally chasers around so keep upside expectations modest.


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The information in this blog is provided for educational purposes only and is not to be construed as investment advice.