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I tried attaching a daily chart of the June S&P 500 futures contract,
but it was rejected as being too large. Anyway, if you draw two
trendlines that mark the boundries of the trading range that occurred
earlier this year, you will see the market achieved an upside breakout
in the beginning of March. Tuesday's action brought prices back into
the trading range. The sell-off found support in a gap made around the
1265 level.
My question is: if it wasn't able to breakout to the upside, doesn't
that raise the probability of a breakout to the downside? A target
would be the lower trendline which is between 1235 and 1240. Comments?
Bill Bancroft
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