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Wednesday, September 5, 2007

Looking For A Higher Low

SPX falls a bit short of it's test at 1503, now we are headed for a test of the 200dma. A higher low than the previous low will confirm the bew uptrend. A break of that low will mean we are headed down again.

This is the Nasaq 100 with fibonacci retracements. Support and resistance align pretty well here. There is a support level right where it closed today, if it can bounce off this support this should challenge the high at 2060. If not, there is support at the 50dma.

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