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We were looking to sell early strength on Tuesday, and that worked well. The market gapped up on the open, and about 30minutes into trading the SP futures reversed from a 1495.25high. That was 2 ticks under the key resistance zone at1495.75-1497.50 area on the SP futures, and the market soldoff pretty hard. The SP futures bottomed at 1480.25, whichwas Monday's close, and rallied back to a 1490.50 high. The move stalled out, the intraday patterns formed rising wedges once again. The break down took the market to new lows for the day, and just kept on going in a stair-step type of move. There was a small bounce off of the 1479.00 level, but it stalled and then reversed at 20/60 ema's on the 5 minutechart, and another wave of selling came in. The 1470.00 level was the next stop, but the bounce reversed after tagging last trapped at 1479.00 on the SP futures and then another wave of selling hit the market. Just before the close the Friday lows were broken, and the market ended theday not far from the lows.
The technical damage that is being done is going to take some work to undo. At Friday's close, the internal gauges were as deeply oversold as they usually get. Some major rallies have occurred under those conditions. But so far, not this one. At the Tuesday lows most of the indicators show a small bullish divergence, but that by itself isn't enough to rush out and buy anything. At the moment, it looks like the market is going to go lower before it goes higher. If you are looking for a buying opportunity, (go to www.tradestalker.com )
Futures & Options Broker