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SP-500 Daily Prints a Big Reversal Candle

Posted by pugsma on October 29, 2009

Several bullish indicators on the daily candle stick chart of the SP-500:

1) Strongest Reversal Candle since July 09 Lows.
2) MACD Histo-gram prints a high bar representing a trend change.
3) RSI pops back over 50.
4) Closed above 50-day SMA (1051).

The Monthly 20-period SMA currently sits at 1053.66.  A close above this level tomorrow for the first time since Dec of 2007 would be very big for the bulls.  Closes above this Monthly 20-period SMA represents a cyclical trend change that typically will last for years to come.

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