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Monday, March 11, 2013

Daily update 3/11

Another slow creep higher.  The winning streak extends to seven days for SPX.  Here is the daily SPX chart.

SPX remains above the upper trend line.  Not much to say until it stops going up, LOL.  Here is the 195 minute SPY chart.

Since the big break out day, the most SPY has traded below a prior bar on this time frame was .02.  That is not much in the way of down side testing to say the least. 

The highest close for SPX is 1565 and the intraday high is 1576.  It won't take much to get there from here, but what happens then.  There is virtually zero selling pressure now.  I guess everybody is holding off waiting for that new high.  Clearly SPX will be very extended if we continue up in this manner.  I would think the odds of a profit taking pullback right after reaching that new high are pretty high.  With the market loaded up on the long side there could be 1-2 wide range down days as traders run to the exits.

Chart practice has been updated with NVDA the stock today.


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