[RT] market letter sp500

[Ben <profitok@xxxxxxxxxxxxx>]

USA

The S&P 500 is testing resistance at the recent high of [A]. The weak close and low volume at [1] and the tall shadow and declining volume at [5] both signal an absence of buying pressure. 

Medium Term: A close below 1280 would signal weakness and a likely test of intermediate support at 1245/1250; consolidation in a narrow band between 1280 and 1295 would be bullish; while a close above 1295/1300 would signal a strong up-trend.
Twiggs Money Flow (21-day) is holding above zero: a positive sign.

Long Term: The index is testing the upper border of a 2-year bearish rising wedge pattern. A breakout would signal a strong primary up-trend.

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