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Nov 3rd, 2009 – A Solid Consolidation Day for the Bulls

Posted by pugsma on November 3, 2009

That SP-500 consolidated today and closed above the Aug-Oct lower trendline (shown in green on 60-min chart).  This is a small victory for the bulls.  The 1-min chart shows the SP-500 maybe be poised to begin a 3rd of 3 move up.  The 1047 to 1050 area and the purple down-channel line still needs to be taken out before a significant advance is possible.  The 50-day SMA sits at 1053 and will be an attractive target for the bulls tomorrow.

1-min Chart:

15-min Chart:

60-min Chart:

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