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Thursday, March 14, 2013

Daily update 3/14

Launch off the trend lines.  Here is the daily SPX chart.

SPX is 2 points away from its highest close and 13 points away from its intraday high.  Will we get to one or both of those targets tomorrow?  Here is the SPY 195 minute chart.

That is a very steep trend line SPY is climbing.  I think it goes ex dividend tomorrow which is going to mess up my nice pretty trend line setup again. 

Not much to say here as long as we keep closing above the trend lines.  Until we get a fix on how the market is going to handle the test of the all time highs in SPX there is not much too do.  The market is way too extended to add long exposure (except day trades) and in a momentum up move so no reason to short it.


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