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Monday, June 3, 2013

Daily update 6/3

They did indeed sell the slight gap up this morning.  However, at the end of the day it bounced enough to get a positive close.  Here is the daily SPX chart.

SPX bounced off the lower red channel line.  Last Wed. the front page of the USA Today said that we have had 20 up Tuesdays in a row.  Will it be 21?  Usually when everybody knows about a pattern it stops working.  I am sure it will soon, but maybe not tomorrow.  This was a very weak bounce.  The breadth did not even get positive.  If the market is going to make a low here it has more work to do.  Lets zoom in to the 60 minute SPY chart.

SPY hit the hourly 200 SMA this morning and bounced.  There is a little more room for the bounce to continue tomorrow up into the area of the 60 SMA.  Every other day lately has gone in a different direction.  Either that pattern will break tomorrow or the up Tues. pattern will.  Regardless of what happens tomorrow I don't see any sign we have seen the low yet.

Chart practice has been updated with IRM the stock tonight.


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