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Wednesday, September 11, 2013

Wednesday Morning Update

Here is the 10 day chart, and you can see how difficult it is to read this one. We have a pretty obvious support level at the top of the gap at 1676, a pretty obvious resistance at yesterday's high, 1684, and a very compressed range in between. If we break out past 1684, which is probably inevitable, next resistance should be at 1692. There isn't much happening in the news, I think the market is just pausing here before making another run. XLV and XLP are leading the sectors this morning, and XLK and XLU are lagging. The Nasdaq and Russell 2000 are both lagging. I have oil up, gold down, treasury yields down.

I have 170 new highs so far, with breakouts in FCAP, LCI, SNX, GALT, BIDU, and MRLN. I have a report from RH, down 7%. 

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