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i've been talking about the overhead SPM5 gap of 1202.70 for a while,
but that gap was in march and in the june contract, and we are now
almost to june. on the constant 3 month forward SP500 futures on my
chart, which is now almost september (if you get my drift), we
virtually filled the gap today AND tapped the bisect or median line
of
the range of march to april drawn from the january low. the bisect is
sometimes all you get on a retrace, or at least it's resistance. it
doesn't mean we have to fall now, but we could. i have a timing line
for friday or next tuesday (monday is holiday), so maybe we can
either
dither around this price or even go higher the rest of the week.
bearish sentiment has tapered way off in the past three days too, so
it's a concern for the bull case....fwiw
http://img127.echo.cx/img127/9154/blue512rr.gif
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