Tuesday, December 13, 2011

50 Day MA

I talked about the market targeting the 50 day MA last week and today the market finally tested it (1224). I was almost sure the wave from this morning was going to be the beginning of an impulse wave but all it did was test the TA and now there is a possibility the market will test the next important level which is 1215. Also, the market is now in a confirmed bearish trend since it closed again under the TA so I closed my margin longs at break even and I'm trying to see if the 50 day MA will hold in the next few days. For a rally to take place this level must be mantained so we'll see how the market handles these next few days.

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