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SharePlanner (< 20)

The Silent Resistance Level

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July 16, 2010 – Comments (2) | RELATED TICKERS: SPY

The S&P has been butting its head up against a nasty and untalked about trend-line just overhead, and what you are seeing today, is the total rejection of the bulls to move past it. By the way, the selling we are seeing is just lovely...but I can't help but take it with a grain of salt until we see what kind of shenanigans the Fed's will pull out of their hat around the 3pm hour.

Here's the Silent Resistance Level.

2 Comments – Post Your Own

#1) On July 16, 2010 at 11:13 AM, davejh23 (< 20) wrote:

"...but I can't help but take it with a grain of salt until we see what kind of shenanigans the Fed's will pull out of their hat around the 3pm hour."

Didn't we see this yesterday?  Nothing a little Fed ramp-job can't fix.  Of course, just looking at the pattern of lower highs and lower lows set over the last few months, the S&P is set to turn lower here and head to ~990-1,000.

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#2) On July 16, 2010 at 2:29 PM, SharePlanner (< 20) wrote:

Agree - and the bears aren't giving the bulls any breathing room at all - it is very strong action that I am seeing here.

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