Wednesday, February 23, 2011

SPX 1296 Test

I'm not a intraday trader, too much noise for my liking. Still, I do follow intraday activity and right now SPX is looking weak but the critical test should it happen today would be 1296 (rough number) which is support going back to the August ramp.   For now the market is still in an uptrend but should that level be breached, then longs will be forced to consider their positions.  Banks looking weak here as is copper, treasuries.


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