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Monday, June 24, 2013

Daily update 6/24

SPX gapped down below the key 1576 area.  However, the selling pressure seemed pretty minimal.  The market even staged a decent rally during the afternoon.  Here is the daily SPX chart.

SPX is in the area of the 100 SMA.  This is a place that the bulls could come out and support the market.  We closed only a little below the key 1576 area.  That could still be in play as support.  Lets zoom in to the SPY 60 minute chart.

SPY has a green price bar tonight.  If it opens up tomorrow it should continue up.  This is the first green bar since the selling began back on FED day. 

I finally got my good buy signal tonight, but just barely.  So we are oversold in a possible support area and we have a slight sign of life from the bulls.  Will they pick the ball up tomorrow and run with it?  If they do I think we should have a reasonable chance of filling that 6/20 big gap down.  The market has been very meticulous about filling gap downs this year in short order.  We are also moving into the quarter end window dressing/mark up period.  If the bulls have the desire to buy we have a decent chart setup for a low.

Chart practice has been updated with MPC the stock tonight.


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