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Monday, March 18, 2013

Daily update 3/18

I must be looking at the chart wrong.  It appears that SPX was down two days in a row, but I know that cannot be possible.  Here is the daily chart.


SPX closed below the upper red trend line today.  Is this the start of a pullback?  Lets zoom in to the SSO 195 minute chart.


SSO broke down from the rising wedge pattern.  It held the 18 SMA and the lower channel trend line today. Will that continue tomorrow?  The big gap down this morning was caused by more news out of Europe.  The big boys did not sell the gap down this morning, but will they in the future. 

We closed below some key trend lines, but we have not done enough damage to say we are starting a serious pullback yet.  Who will show up tomorrow, the bulls or the bears?


Chart practice has been updated with APOL the stock for today.
http://traderbob58-chart-practice.blogspot.com/

Bob

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