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Good morning!
Interesting morning so far.
If price fails to close above Friday's highs [and really, it would need to
run higher and test 1198-1200], we may have seen the consolidation high.
The Nasdaq futures are so far unable to rise up and test their key
resistance at 1775-80, and the S&Ps so far have turned south once they
briefly touched their resistance at 1194 on Friday. There is a tremendous
amount of energy stored up in the S&P futures, so a break back below this
morning's low of 1182 might become a more powerful move than most market
players expect--and we'd most likely see similar power if price did manage
to climb above the 1195 resistance later this afternoon.
I don't think the Nasdaq futures have the energy needed to break the
overhead resistance at this time, so we may be in for a move lower to
re-test recent support.
Best,
Tim Morge
www.medianline.com/
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