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-- Brad Delong

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Wednesday, August 17, 2011

Wednesday's Market

This morning the SP500 shot up at the opening and peeked (peaked?) above the top resistance line I sketched on Monday - though not in a convincing way.  After bouncing off 1208 three times, it has since fallen steadily, and is now (1:15 pm) hovering around 1190, the middle of the three support/resistance lines posted Monday.  Action today and yesterday broadened Monday's narrow trading band in both directions. It will take a convincing break of 1170-1175 to suggest we have finished with wave 4, and a plunge through the lower bound of Monday's up-sloping channel to confirm it.  More after closing.

Update:  SP500 daily ranges.

At closing, the DJI and SP500 were each up less then a tenth of a percent.  The Nasdaq 100 was down more than half a percent: sideways results for a sideways day in a sideways week.   Yesterday, the index dipped below the crossing of the trend channel midline and the 1190 support line, then climbed the midline for the rest of the day.  This morning's peek above the 1204 resistance line was the high for the day.  Three days of crab-scuttling have brought the index from the top of the trend channel to nearly the bottom.  The bottom will cross the 1190 resistance line tomorrow.  Will it be a replay of yesterday's midline crossing?

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