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Friday, April 12, 2013

Daily update 4/12

The crack that formed yesterday got a little wider today, but enough to determine much.  Here is the daily SPX chart.

SPX is still above the upper red trend line.  The low today was fractionally below 1580 so it did not get down to test the key 1576 level.  It bounced in the afternoon, but not enough to say that it won't still test 1576.  Lets zoom in to the SSO 195 minute chart.

SSO tested the lower channel trend line and even though it got below it intraday it ended the day back inside.  At this point is difficult to tell how important that line is.  Staying in that channel would certainly be a sign of strength.  The red line is the really important line to stay above.  Price is extended enough it seems likely to be tested to me.  Breaking that line will likely set off a wave of selling.  I believe a lot of traders are waiting for SPX 1600 to sell.  Will it get there soon?  Will it get there at all?  I guess we will have to wait and see, I have no idea, LOL.

Chart practice has been updated with URBN the stock tonight. 

The market and sector status pages have also been updated.


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