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Wednesday, July 10, 2013

Daily update 7/10

Looks like a consolidation day at resistance.  Here is the daily SPX chart.

No gap up today.  How odd was that, LOL.  There was a little profit taking mid morning, but nothing much.  The pop after the FED meeting minutes were released was sold into.  However, after a brief dip the bulls showed up again.  This kind of narrow range day at resistance sometimes turns into a top, but I don't see anything at the moment that indicates that.  I think it would take a news event for that to happen.  All these gaps up are making people chase the market and there is probably not all that many people sitting on a lot of profits here.  Without a sell catalyst a retest of the May high seems likely after yesterday's strong thrust. Should we get there then I will have to evaluate the internals.  In the mean time the SPY hourly 50 is my bull/bear pivot point.

Chart practice has been updated with LULU the stock tonight.


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