Friday, July 22, 2011

Coming Correction

The S&P rallied further that I anticipated but still within a reasonable range. So I am still expecting a test of the 50 day MA and the TA which are both now exactly at 1323 early next week. If this test proves successful, which I think it will be, then we should see a wave that will challenge of take out 1370 once in for all. In the meantime, it will be interesting to see what happens with the debt ceiling issue. I just read that Boehner walked out of negotiations and that might just set off the correction on Monday.

Have a Great Weekend!

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