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Monday, November 8, 2010

Monday updates!!!

7:41, The VIX gaped up this morning, possibly putting in a double bottom, but this is unconfirmed until the VIX can breakout to the upside. It is still below the median line of the Bollinger band(20 day MA), and the 200 day MA, both bearish signs, however, the indicators are in extreme over-sold territory and close to rolling over to a buy.
Click here for a live, and updated chart!!!
7:30, The Dollar has picked up a bid this morning($77.30) moving equities lower. The SPX is down currently 0.40%, the squiggle count since the high is still unclear but leaning corrective. The longer term trend(daily) remains bullish, with the shorter-term trend(hourly) bearish.
Over-all the trend remains up as the SPX keeps making new highs, without making any significant lower lows.
The median line of support comes into play around the 1210 area.

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