Saturday, August 7, 2010

medium and short term revisit

While I have been bullish for the past month there are some hints that this month long rally higher could stall if the stock market can't break above current resistance levels (SP500 1130+ and Nasdaq resistance above 2310+.) If the stock market stalls then there could be a trading range behavior (SP500 1040-1130 and Nasdaq 2140-2310) for the next couple months. But a decisive break and hold above current resistance levels should reinstate the bullish stance I had for the past month. So this upcoming week will be pivotal.

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