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S&P 500
5,460.48
(
-0.41%
)
US TECH 100
19,181.60
(
-0.43%
)
Dow Jones
39,118.86
(
-0.12%
)
Brent Oil
84.85
(
0.00%
)
Bitcoin
60,729.09
(
-0.26%
)
Post# of 148479
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ajtj99

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ajtj99

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Re: GLENO34 post# 86504

Saturday, 08/05/2006 3:54:28 PM

Saturday, August 05, 2006 3:54:28 PM

Post# of 148479
Gleno, the SPX was repelled pretty violently Friday from a previous level of resistance. That is causing it to seek underlying support. Fed or no Fed, this is going to happen.

My guess is that support lies below the 1219 June 13 lows on the SPX.

The NDX meanwhile failed in three attempts to close above the neckline at 1511. That's causing it to seek underlying support, which likely lies at 1394-1420 initially.

Sometimes when you strip the market of the noise and are left with price and volume, support and resistance, the process is simplified and easier to understand.

It's about support and resistance, and price is seeking support.

http://www.investorshub.com/boards/board.asp?board_id=1613
AJTJ's Market Pulse
Do your own DD. Void where prohibited. Observed side effects include darkening of the stool, spontaneous amputation, and death. Rosebud.

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