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SP500 Remains Aggressively Bearish with All Trading Below Monday's ISM Low at 1270 |
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By John Bougearel
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August 02, 2011
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Friday's low was 1278, Monday's ISM 1270, and today's low is 1261. All about 8-9 points apart. It is fitting that Monday's ISM low puts the SP500 up only 17 points or 1.5% on the year, given that the ISM report barely had a pulse in July and can be viewed as a confirming indicator that the economy has stalled out, debt ceiling or not.
The 240 min chart still points to a low around 1259 by tomorrow morn, but suffice to say, that it may be tough to keep today's trade more than 8 points below yds low. A short term buy siganls was just given at 1265.0 on the 50x4 paf chart.
 Click on image to enlarge!
For more from John Bougearel, visit Structural Logic |
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