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Wang's Happy Trading Daily Posts

Wednesday, April 11, 2007

Intraday View on the Markets: SPX

Well, the Feds certainly don't have their comfy shoes on, which also made the markets nervous. The markets are testing the support levels right now. I'm looking at a chart on the SPX, or SP 500 to try to see what people are thinking:

The SPX is just below the support level at around 1439 (the other major indices are in similar situations with their respective support levels). If it manages to come back and close above this level, it could be a bullish sign, because the 30-day MA has finally turned up!

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