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Since early-August, when the market ceased crashing, the absolute high has been 1230 on the S&P 500, and the precise low is 1074 on the cash market. 1150 is roughly the midpoint, and it is indeed an important multi-year–even multi-decade– reference point. If the maket has indeed put in a good low here, due to the abundance of sloppy charts I would expect a bullish scenario to play out with us spending a lot of time churning at 1150 before eventually breaking higher.
Going back to last year around this time, I made the following video walking you through the historical importance of the 1150 area.
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[youtube:http://www.youtube.com/watch?v=2bbs7jPsSRE 550 412]
Nice timing . Thanks Chess.
Nice, Chess. Thanks!