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June 11th, 2010: Update 3 – Intra-day Midday

Posted by pugsma on June 11, 2010

1:19pm EST:  Boring day.  The good news for the bulls is that the bad retail sales news from May was not heavily sold this morning.  That is a hint of a trend change reversal.  Just one week ago that type of pre-market news would have produced a 2% decline in the market this morning.  There are also several signs on the SP-500 Daily Candle Chart that indicates an imtermediate term trend change from down to up maybe in the works.  There are bull crosses on the MACD and Full-STO signal lines.   And the MACD histogram bars are back in positive territory. Take a lookg a how strong the market rally after these technical signal changes in Nov-Dec 2009 and again in Feb-Apr 2010.   Staying above 1070 over the rest of today will help to consolidate yesterday’s gains, even in the face of disappointing news from the retail sector.

SP-500 Daily Candles (1:04pm):

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