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April 25, 2011 – Comments (0) | RELATED TICKERS: SPY

Quick little market update for this Monday night.  Both the Dow and S&P 500 finished down while the Nasdaq finished up today.  The S&P finished down a mere -.16% which isn't anything to brag about for the bears.  On Friday the market managed to push its way back up into the consolidation range which is outline on the chart above by the purple lines.  Now we can all see what happened last time we were stuck in this zone.  Market chopped for what seemed like forever before finally breaking lower.  It took the bulls two full days to undo everything the bears were accomplishing.  Now before the bulls start celebrating they still need to conquer 1340.  A break of this strong resistance will confirm the cup and handle pattern forming and push this market higher.

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