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Key Levels
Upside -- 1170, 1200
Downside -- 1142, 1134, 1121, 1115, 1102
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SPX Daily;
We opened up big today and tried to take out the mid-bollinger bands, which we did breifly, then failed and traveled all the way down to the bottom of the bands, which is what we bounced off of near the end of the day.
If we don't take another shot at breaking below the bollingers tomorrow, then it will probably happen on Monday.
Most of the support underneath us is now weak and been tested several times. 1115-1121 is probably the strongest area that has a chance to hold.
Not sure what to expect tomorrow, it is EOQ, but not sure that matters anymore.
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One other note from today.. all the momo stocks took a pretty good beating despite the day ending quite green on the DOW and S&P. AMZN, CMG, LULU, etc. all had it rough. Hedge fund redemptions the likely culprit.
After tomorrow, the market should reveal what the next big move is going to be.
GL
CJ
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