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Friday, July 17, 2009

The Dismissed Head & Shoulder

Well, this pattern had a lot of promise, but it's dead now.



So here is the broad view of SPX.



The bulls owns this market now.For bears to take over, SPX would have to blow below this month low at around 875.The odds of that happening went down for the past few days, 875 support is very strong, as we can see apparently.

The yellow color zone shows the possibility that the bulls could push up ultimately, they have to pass 950 major resistance first.

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