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Monday, April 1, 2013

Daily update 4/1

The negatives I mentioned on Friday did play out with a down day today.  Anybody want to guess what tomorrow brings.  Tuesdays have usually been up this year and based on the alternating pattern it should be an up day.  I guess we will see if the pattern holds up.  Here is the daily SPX chart.

SPX tried to get above the upper red line this morning but got turned back.  It tested Friday's low twice during the day, but held.  Volume was light today with Europe closed.  Lets zoom in to the SSO 195 minute chart.

SSO remains between the red line which held as support today and the lower blue channel trend line.  Price is refusing to break down or recapture the channel. 

So we had a little profit taking after the change of quarter, but nothing much.  The dip buyers came in to support the market in the afternoon.  This alternating pattern from day to day is forming within pretty narrow intraday ranges.  We seem to have people in both the bull and bear camps, but neither feels all that strong about it.  SPX is right about where it closed on 3/14.  We may need a news event to shake things up and get one side feeling stronger then the other side to get things moving again.

Chart practice has been updated with CMI the stock for today.


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