Wednesday, April 17, 2013

Market Comments

As you know the market reversed yesterday's gains, the first chart shows a 60 min chart, that uptrend line is first support, however losing that and the 1552 would send price down to the next pivot support at 1540 and that's SUPER important support.

The next two charts are daily S&P 500 charts, clearly the 1540 is a very important level, however over time a test of at least the 50 day moving average below seems logical.  Also if a Head of a Head & Shoulders pattern was put in place, we could be looking at leg down to 1500 eventually. 

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