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Wednesday, October 12, 2011

S&P 500 - Just keeps moving higher

I'm a bit surprised, that we just keep rallying higher and now are testing strong resistance in the 1,220 - 1,224 area. I still do think, that this rally is overdone, but we have been saved by looking for support to be broken. Short term stop can be raised again to 1,209. A break below this support should the first warning, that a top is in place.
Why not just sell here? because I have an even more bullish count, than the preferred shown above. The more bullish count calls for a continuation towards the 1,242 area.


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