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Dec 7th, 2009: EOD Charts

Posted by pugsma on December 7, 2009

Well, I’m still more short term bearish than bullish.   The close at 1103.25 stayed above the large wedge lower trendline in purple and slightly above the 20-day SMA of 1100.68.   But with high-risk tech stocks like Apple and Amazon rolling over the past few days, the risk trade is coming out of the market possiblly signalling lower prices.

My primary still has the 1070 target for the very near term (later this week).  But I’m watching for the possible grinding slow rise to 1125 going into OPEX on Dec 18th as my alternate.

1-min Chart:

15-min Chart:

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