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Thursday, October 28, 2010

Thursday updates!!!

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8:11, The SPX is hitting resistance of the gray Fib line, current support for gray Fib fan is now residing at the 1070 level. 1170, is turning out to be a VERY important level of support for the SPX. 7:58, The SPX is really respecting the thin green channel line, with yesterdays low right on the support of bottom line, and today's high bouncing on resistance of the median line. Signs are pointing to any break below the 1170 level as a very bearish move.
7:45, There are multiple signs in this chart that the SPX is topping, and a solid break below the 20 day moving average (1170.70) would most likely seal the deal. One very noticeable thing is how volume has dropped off in the last 3-4 days. Every indicator on this chart is now showing sell signals, that is, trending down.
**We are quickly approaching the end of the month, and it would be nice if we could increase the number of Donations to the Community Fair, so if you have not donated yet, please consider helping out!!!

2 comments:

  1. Just sent you a little something for the fair. Thanks for your consistent excellent work here Mike!

    ReplyDelete