SPX - Down to the LTL

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              As predicted, once the level 1325  was broken to the downside,  the target became

       the zone 1312 - 1310 . For a short time it looked like that level would hold.  The

      Close at 1304.86 puts the Price, by my placement of the lower trend line of the Rising

     Channel,  right at the LTL . There is still a small amount of downside

     available to allow for an overshot of the LTL . However the Price decline would have

     to stop and reverse by 1293 for the pattern I am using to remain in play. 

    Should the Price not remain above 1293   then  the Index may head down  towards the lower 1200's.

 

              The Daily Birds [ CCI 14 and CCI 50 ]  are well below the -100 level and are not, at this time

     showing any sign of reversing their negativity . Also the EMA 5 / WMA 13 is still in a SELL mode.

However on the 60 Minute Chart , the Birds, while still below -100 have been forming higher Lows

while the Price was forming lower Lows. This indicates that the reversal may be at hand.

 

           Sorry no charts until I get some bugs straightened out.

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Posted In: Global
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