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Thursday, May 2, 2013

Daily update 5/2

Here we are again.  Every time SPX gets above 1595 the market stops and everybody waits for somebody else to buy first.  It appears to be resistance, but there is no indication to me that there is a bunch of sellers stopping the market.  It simply looks like nobody wants to buy just below 1600, LOL.  The SOP of the market in this condition has been to gap up and over the troublesome price level.  Here is the daily SPX chart.

There really isn't much new information in the charts to my eyes.  Everybody is waiting to see if we conquer 1600 or not.  I would not think this would take too much longer, but I guess you never know.  Will there be more sellers above 1600 then rally chasers or not?  If we could ever get there we could find out.  Until we do get there or sell off hard we are in limbo.


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