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Wednesday, March 13, 2013

Daily update 3/13

Did we start a new winning streak or making a short term top?  Here is the daily SPX chart.

SPX hung on to the upper red trend line again today.  However, buyers seem to hesitate to push prices higher.  Lets zoom in to the SPY 195 minute chart.

SPY closed just about dead on the green trend line marking the move up from the last swing low.  We are running out of room between it and new highs.  Tomorrow we should either launch off that line or close down below it.

SPX is approaching a major mile stone with the 2007 high.  Is it going to break through and continue or form some type of double top.  We are in the damned if you do, damned if you don't zone. We could have a small pullback then blast through. We could blast through then fall back to earth.  We could consolidate for a while then blast through.  We could just fail at a lower high and tumble back down.  Which will it be?  Stay tuned.


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