Tuesday, September 13, 2011

More Upside

The counter rally has been on the weaker side so far so upside might be limited. the TA sits at 1182 and the high today was 1176, so it looks like the bounce is going to be over soon. Also, the pattern the in market looks like an Descending Wedge so I will be looking at the trendlines for clues of future direction. Weak bounces usually lead to further downside so we'll see how the market looks at the end of this week.

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