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We are between strong support and resistance areas across the market. Until these break one way or the other we subject to whipsaw. Remember the old phrase, "Cash is a position". We mananged to post a modest gain with MERQ, (see website for details).
In his Daily Update, Fibmaster wrote:
"S&P perspective (E-Mini)
The E-Mini has a huge down-sloping channel on the weekly chart, since the high of 1163.75 in March 2004. There is a significant resistance area near the top of that channel at 1124/1125. A turn down at that area could be the start of a move to the bottom of the channel. It's early to say if this will happen, but this is an important opportunity.
QQQ has a strong resistance level at $34.50, which is being tested lately. If these SK resistance levels do not hold, the market is bullish!
DIA has a resistance area similar to the S&P, up at $103/$104, so look for a potential stall and turn there."
Trade well!
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