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Wednesday, July 24, 2013

Daily update 7/24

Another key reversal day in many indexes.  This one comes as SPX was retesting the May high so it should be especially significant if we see follow through.  Here is the daily SPX chart.

SPX has the first white bar since turning green back in June.  The selling started right at the open.  This could be much more significant then the last reversal in May.  That was clearly caused by Bernanke.  Since the futures started with a sizable gap up it was not any particular news that drove the selling. SPX closed back below the May high a little bit.  The bears fired a warning shot today.  How will the bulls respond?  Since this was a key reversal day and second one from the same area they need to do more then just get SPX back above 1687 tomorrow.  They really need to get a close above today's high to clear the air.  A bounce tomorrow that is lethargic will not do it.

Chart practice has been updated with DTV the stock today.


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