Thursday, January 20, 2011

Possible Top Formation @ 1296 (36E2)

The area around the November low @ 77.97 will be an important test for $ bulls.

S&P continues to look toppy. The downturn coinciding with the 70cd structure of the market can be viewed as mounting evidence that a top is being formed. (short term--possibly intermediate in nature) A break of 1260 may attract aggressive sellers.

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