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Wednesday, June 23, 2010

S&P 500 - The big bear market is in force again

Resistance in the 1,117-1,118 area held perfectly for a decline though 1,106 adding confidence in my call that a important top is in place with the test of 1,130.97.

Short term I'm looking for a test of support near 1,092.61 ending small sub-wave (3) calling for a minor correction higher towards the 1,100-1,102 area from where the next decline lower ideally will begin for a decline towards 1,081.

At no point should resistance at 1,109.24 be broken to the upside as that would cancel this count

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