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Monday, June 17, 2013

Daily update 6/17

This is a quandary.  Here is the daily SPX chart.

SPX was above the lower red channel line this morning.  I thought maybe it had it conquered, but an afternoon sell off took it back below.  SPX closed above the 18 SMA, but the MA is starting to noticeably head lower.  This is a somewhat bearish looking chart in that it would not take much to send it back down.  Lets zoom in to the 60 minute SPY chart.

SPY gapped up and over the down trend line.  The afternoon sell off sent it back down to test that line from above.  SPY rallied off that line into the close.  This chart looks kind of bullish.

We have a two day FED meeting with the announcement on Wed.  There seems to be some differences in opinions on what might happen at that meeting.  Some thing a future tapering of QE might be announced.  Others think it is full steam ahead.  Could this have something to do with why the daily chart looks somewhat bearish while the 60 minute chart looks bullish?  I am not sure we will know much until after the meeting. 

Chart practice has been updated with AKAM the stock tonight.


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