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Wednesday, December 1, 2010

Wednesday updates!!!

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The daily Fib fan chart of the SPX also is showing this mornings move as bullish, breaking above resistance, if this holds, the resistance will turn into new support giving the SPX room to run in a 5th wave up.
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7:31, The SPX opened with another gap, this time up, it is still too early to tell if the 4th wave has wrapped up although the Russell has made a new high. The Dollar is in the red today pushing commodities and equities higher. Early on breadth was extremely bullish, running at 11.63:1, advancers, if we close with these numbers odds are we are in the 5th wave up. 1207.43 is the next level of resistance from a previous high and 1173 is still support. The big battle right now is over the 20 day MA at 1199.88, where a close above here also gives weight to the 5th wave advancing.

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