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As you can see on a 3-minute chart of the S&P 500 below, the lack of any kind of bounce today has been uninspiring. We are closely getting towards a now-or-never scenario for the bulls, who seem to have an infatuation with pushing their luck as far as it will go in 2011. If we lose 1311 on the S&P, the lows for the day, I would expect an ugly close, breaking below the descending triangle. Of course, it can be argued by the bulls that the market has stabilized on the trendline from the daily chart that I drew earlier today.
In sum, the picture is a bit murky, with the bulls still holding the overall advantage, despite continuing to flirt with disaster.
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1311 is where the 50 day and 150 day sit as well.1310.80 to be precise.
Thanks Chess.
we are below now…might get ugly
rut ro